id	sid	tid	token	lemma	pos
dem-4187	1	1	microsoft	microsoft	PROPN
dem-4187	1	2	word	word	NOUN
dem-4187	1	3	00_tresc.docx	00_tresc.docx	PRON
dem-4187	1	4	dynamic	dynamic	ADJ
dem-4187	1	5	econometric	econometric	ADJ
dem-4187	1	6	models	model	NOUN
dem-4187	1	7	vol	vol	NOUN
dem-4187	1	8	.	.	PROPN
dem-4187	1	9	10	10	NUM
dem-4187	1	10	–	–	PUNCT
dem-4187	1	11	nicolaus	nicolaus	PROPN
dem-4187	1	12	copernicus	copernicus	PROPN
dem-4187	1	13	university	university	PROPN
dem-4187	1	14	–	–	PUNCT
dem-4187	1	15	toruń	toruń	NOUN
dem-4187	1	16	–	–	PUNCT
dem-4187	1	17	2010	2010	NUM
dem-4187	1	18	małgorzata	małgorzata	NOUN
dem-4187	1	19	doman	doman	PROPN
dem-4187	1	20	poznań	poznań	PROPN
dem-4187	1	21	university	university	PROPN
dem-4187	1	22	of	of	ADP
dem-4187	1	23	economics	economics	PROPN
dem-4187	1	24	liquidity	liquidity	NOUN
dem-4187	1	25	and	and	CCONJ
dem-4187	1	26	market	market	NOUN
dem-4187	1	27	microstructure	microstructure	NOUN
dem-4187	1	28	noise	noise	NOUN
dem-4187	1	29	:	:	PUNCT
dem-4187	1	30	evidence	evidence	NOUN
dem-4187	1	31	from	from	ADP
dem-4187	1	32	the	the	DET
dem-4187	1	33	pekao	pekao	NOUN
dem-4187	1	34	data†	data†	NOUN
dem-4187	1	35	a	a	DET
dem-4187	1	36	b	b	PROPN
dem-4187	1	37	s	s	ADP
dem-4187	1	38	t	t	PROPN
dem-4187	1	39	r	r	NOUN
dem-4187	1	40	a	a	DET
dem-4187	1	41	c	c	NOUN
dem-4187	1	42	t.	t.	NOUN
dem-4187	1	43	the	the	DET
dem-4187	1	44	availability	availability	NOUN
dem-4187	1	45	of	of	ADP
dem-4187	1	46	ultra	ultra	ADJ
dem-4187	1	47	-	-	ADJ
dem-4187	1	48	high	high	ADJ
dem-4187	1	49	frequency	frequency	NOUN
dem-4187	1	50	data	datum	NOUN
dem-4187	1	51	justifies	justify	VERB
dem-4187	1	52	the	the	DET
dem-4187	1	53	use	use	NOUN
dem-4187	1	54	of	of	ADP
dem-4187	1	55	a	a	DET
dem-4187	1	56	continuous	continuous	ADJ
dem-4187	1	57	-	-	PUNCT
dem-4187	1	58	time	time	NOUN
dem-4187	1	59	approach	approach	NOUN
dem-4187	1	60	in	in	ADP
dem-4187	1	61	stock	stock	NOUN
dem-4187	1	62	prices	price	NOUN
dem-4187	1	63	modeling	modeling	NOUN
dem-4187	1	64	.	.	PUNCT
dem-4187	2	1	however	however	ADV
dem-4187	2	2	,	,	PUNCT
dem-4187	2	3	this	this	DET
dem-4187	2	4	data	datum	NOUN
dem-4187	2	5	contain	contain	VERB
dem-4187	2	6	,	,	PUNCT
dem-4187	2	7	apart	apart	ADV
dem-4187	2	8	from	from	ADP
dem-4187	2	9	the	the	DET
dem-4187	2	10	information	information	NOUN
dem-4187	2	11	about	about	ADP
dem-4187	2	12	the	the	DET
dem-4187	2	13	price	price	NOUN
dem-4187	2	14	process	process	NOUN
dem-4187	2	15	,	,	PUNCT
dem-4187	2	16	a	a	DET
dem-4187	2	17	microstructure	microstructure	ADJ
dem-4187	2	18	noise	noise	NOUN
dem-4187	2	19	causing	cause	VERB
dem-4187	2	20	a	a	DET
dem-4187	2	21	bias	bias	NOUN
dem-4187	2	22	in	in	ADP
dem-4187	2	23	the	the	DET
dem-4187	2	24	realized	realize	VERB
dem-4187	2	25	volatility	volatility	NOUN
dem-4187	2	26	.	.	PUNCT
dem-4187	3	1	this	this	DET
dem-4187	3	2	noise	noise	NOUN
dem-4187	3	3	is	be	AUX
dem-4187	3	4	connected	connect	VERB
dem-4187	3	5	with	with	ADP
dem-4187	3	6	all	all	DET
dem-4187	3	7	the	the	DET
dem-4187	3	8	reality	reality	NOUN
dem-4187	3	9	of	of	ADP
dem-4187	3	10	trade	trade	NOUN
dem-4187	3	11	.	.	PUNCT
dem-4187	4	1	in	in	ADP
dem-4187	4	2	the	the	DET
dem-4187	4	3	paper	paper	NOUN
dem-4187	4	4	we	we	PRON
dem-4187	4	5	separate	separate	VERB
dem-4187	4	6	the	the	DET
dem-4187	4	7	microstructure	microstructure	ADJ
dem-4187	4	8	noise	noise	NOUN
dem-4187	4	9	from	from	ADP
dem-4187	4	10	the	the	DET
dem-4187	4	11	price	price	NOUN
dem-4187	4	12	process	process	NOUN
dem-4187	4	13	and	and	CCONJ
dem-4187	4	14	determine	determine	VERB
dem-4187	4	15	the	the	DET
dem-4187	4	16	noise	noise	NOUN
dem-4187	4	17	to	to	PART
dem-4187	4	18	signal	signal	VERB
dem-4187	4	19	ratio	ratio	NOUN
dem-4187	4	20	for	for	ADP
dem-4187	4	21	the	the	DET
dem-4187	4	22	estimates	estimate	NOUN
dem-4187	4	23	of	of	ADP
dem-4187	4	24	the	the	DET
dem-4187	4	25	realized	realize	VERB
dem-4187	4	26	volatility	volatility	NOUN
dem-4187	4	27	in	in	ADP
dem-4187	4	28	the	the	DET
dem-4187	4	29	case	case	NOUN
dem-4187	4	30	of	of	ADP
dem-4187	4	31	the	the	DET
dem-4187	4	32	shares	share	NOUN
dem-4187	4	33	of	of	ADP
dem-4187	4	34	the	the	DET
dem-4187	4	35	polish	polish	ADJ
dem-4187	4	36	company	company	PROPN
dem-4187	4	37	pekao	pekao	PROPN
dem-4187	4	38	s.a	s.a	PROPN
dem-4187	4	39	.	.	PUNCT
dem-4187	5	1	the	the	DET
dem-4187	5	2	results	result	NOUN
dem-4187	5	3	are	be	AUX
dem-4187	5	4	used	use	VERB
dem-4187	5	5	to	to	PART
dem-4187	5	6	discover	discover	VERB
dem-4187	5	7	the	the	DET
dem-4187	5	8	optimal	optimal	ADJ
dem-4187	5	9	sampling	sampling	NOUN
dem-4187	5	10	frequency	frequency	NOUN
dem-4187	5	11	for	for	ADP
dem-4187	5	12	the	the	DET
dem-4187	5	13	realized	realize	VERB
dem-4187	5	14	volatility	volatility	NOUN
dem-4187	5	15	calculation	calculation	NOUN
dem-4187	5	16	.	.	PUNCT
dem-4187	6	1	moreover	moreover	ADV
dem-4187	6	2	,	,	PUNCT
dem-4187	6	3	we	we	PRON
dem-4187	6	4	check	check	VERB
dem-4187	6	5	the	the	DET
dem-4187	6	6	linkages	linkage	NOUN
dem-4187	6	7	between	between	ADP
dem-4187	6	8	the	the	DET
dem-4187	6	9	noise	noise	NOUN
dem-4187	6	10	and	and	CCONJ
dem-4187	6	11	some	some	DET
dem-4187	6	12	liquidity	liquidity	NOUN
dem-4187	6	13	measures	measure	NOUN
dem-4187	6	14	.	.	PUNCT
dem-4187	7	1	k	k	PROPN
dem-4187	7	2	e	e	PROPN
dem-4187	7	3	y	y	PROPN
dem-4187	7	4	w	w	NOUN
dem-4187	7	5	o	o	NOUN
dem-4187	7	6	r	r	NOUN
dem-4187	7	7	d	d	NOUN
dem-4187	7	8	s	s	X
dem-4187	7	9	:	:	PUNCT
dem-4187	7	10	market	market	NOUN
dem-4187	7	11	microstructure	microstructure	NOUN
dem-4187	7	12	,	,	PUNCT
dem-4187	7	13	volatility	volatility	NOUN
dem-4187	7	14	,	,	PUNCT
dem-4187	7	15	realized	realize	VERB
dem-4187	7	16	variance	variance	NOUN
dem-4187	7	17	,	,	PUNCT
dem-4187	7	18	liquidity	liquidity	NOUN
dem-4187	7	19	,	,	PUNCT
dem-4187	7	20	stock	stock	NOUN
dem-4187	7	21	market	market	NOUN
dem-4187	7	22	,	,	PUNCT
dem-4187	7	23	trading	trading	NOUN
dem-4187	7	24	volume	volume	NOUN
dem-4187	7	25	,	,	PUNCT
dem-4187	7	26	high	high	ADJ
dem-4187	7	27	frequency	frequency	NOUN
dem-4187	7	28	data	datum	NOUN
dem-4187	7	29	.	.	PUNCT
dem-4187	8	1	1	1	X
dem-4187	8	2	.	.	X
dem-4187	8	3	introduction	introduction	NOUN
dem-4187	8	4	continuous	continuous	ADJ
dem-4187	8	5	-	-	PUNCT
dem-4187	8	6	time	time	NOUN
dem-4187	8	7	econometric	econometric	ADJ
dem-4187	8	8	models	model	NOUN
dem-4187	8	9	are	be	AUX
dem-4187	8	10	becoming	become	VERB
dem-4187	8	11	now	now	ADV
dem-4187	8	12	a	a	DET
dem-4187	8	13	standard	standard	ADJ
dem-4187	8	14	tool	tool	NOUN
dem-4187	8	15	for	for	ADP
dem-4187	8	16	describing	describe	VERB
dem-4187	8	17	the	the	DET
dem-4187	8	18	financial	financial	ADJ
dem-4187	8	19	market	market	NOUN
dem-4187	8	20	dynamics	dynamic	NOUN
dem-4187	8	21	.	.	PUNCT
dem-4187	9	1	they	they	PRON
dem-4187	9	2	correspond	correspond	VERB
dem-4187	9	3	well	well	ADV
dem-4187	9	4	to	to	ADP
dem-4187	9	5	the	the	DET
dem-4187	9	6	theoretical	theoretical	ADJ
dem-4187	9	7	models	model	NOUN
dem-4187	9	8	of	of	ADP
dem-4187	9	9	financial	financial	ADJ
dem-4187	9	10	mathematics	mathematic	NOUN
dem-4187	9	11	and	and	CCONJ
dem-4187	9	12	can	can	AUX
dem-4187	9	13	be	be	AUX
dem-4187	9	14	quite	quite	ADV
dem-4187	9	15	easy	easy	ADV
dem-4187	9	16	estimated	estimate	VERB
dem-4187	9	17	due	due	ADP
dem-4187	9	18	to	to	ADP
dem-4187	9	19	the	the	DET
dem-4187	9	20	availability	availability	NOUN
dem-4187	9	21	of	of	ADP
dem-4187	9	22	ultra	ultra	ADJ
dem-4187	9	23	-	-	ADJ
dem-4187	9	24	high	high	ADJ
dem-4187	9	25	frequency	frequency	NOUN
dem-4187	9	26	data	datum	NOUN
dem-4187	9	27	.	.	PUNCT
dem-4187	10	1	it	it	PRON
dem-4187	10	2	seems	seem	VERB
dem-4187	10	3	natural	natural	ADJ
dem-4187	10	4	that	that	SCONJ
dem-4187	10	5	tick	tick	NOUN
dem-4187	10	6	-	-	PUNCT
dem-4187	10	7	by	by	ADP
dem-4187	10	8	-	-	PUNCT
dem-4187	10	9	tick	tick	NOUN
dem-4187	10	10	data	datum	NOUN
dem-4187	10	11	are	be	AUX
dem-4187	10	12	the	the	DET
dem-4187	10	13	most	most	ADV
dem-4187	10	14	useful	useful	ADJ
dem-4187	10	15	in	in	ADP
dem-4187	10	16	the	the	DET
dem-4187	10	17	context	context	NOUN
dem-4187	10	18	of	of	ADP
dem-4187	10	19	continuous	continuous	ADJ
dem-4187	10	20	-	-	PUNCT
dem-4187	10	21	time	time	NOUN
dem-4187	10	22	models	model	NOUN
dem-4187	10	23	.	.	PUNCT
dem-4187	11	1	however	however	ADV
dem-4187	11	2	,	,	PUNCT
dem-4187	11	3	it	it	PRON
dem-4187	11	4	is	be	AUX
dem-4187	11	5	not	not	PART
dem-4187	11	6	the	the	DET
dem-4187	11	7	all	all	DET
dem-4187	11	8	truth	truth	NOUN
dem-4187	11	9	.	.	PUNCT
dem-4187	12	1	this	this	DET
dem-4187	12	2	kind	kind	NOUN
dem-4187	12	3	of	of	ADP
dem-4187	12	4	data	data	NOUN
dem-4187	12	5	contains	contain	VERB
dem-4187	12	6	apart	apart	ADV
dem-4187	12	7	from	from	ADP
dem-4187	12	8	the	the	DET
dem-4187	12	9	useful	useful	ADJ
dem-4187	12	10	information	information	NOUN
dem-4187	12	11	about	about	ADP
dem-4187	12	12	the	the	DET
dem-4187	12	13	price	price	NOUN
dem-4187	12	14	process	process	NOUN
dem-4187	12	15	a	a	DET
dem-4187	12	16	noise	noise	NOUN
dem-4187	12	17	which	which	PRON
dem-4187	12	18	,	,	PUNCT
dem-4187	12	19	for	for	ADP
dem-4187	12	20	instance	instance	NOUN
dem-4187	12	21	,	,	PUNCT
dem-4187	12	22	causes	cause	VERB
dem-4187	12	23	a	a	DET
dem-4187	12	24	bias	bias	NOUN
dem-4187	12	25	in	in	ADP
dem-4187	12	26	the	the	DET
dem-4187	12	27	daily	daily	ADJ
dem-4187	12	28	realized	realize	VERB
dem-4187	12	29	volatility	volatility	NOUN
dem-4187	12	30	estimates	estimate	NOUN
dem-4187	12	31	.	.	PUNCT
dem-4187	13	1	the	the	DET
dem-4187	13	2	sources	source	NOUN
dem-4187	13	3	of	of	ADP
dem-4187	13	4	the	the	DET
dem-4187	13	5	noise	noise	NOUN
dem-4187	13	6	are	be	AUX
dem-4187	13	7	connected	connect	VERB
dem-4187	13	8	with	with	ADP
dem-4187	13	9	the	the	DET
dem-4187	13	10	reality	reality	NOUN
dem-4187	13	11	of	of	ADP
dem-4187	13	12	trade	trade	NOUN
dem-4187	13	13	.	.	PUNCT
dem-4187	14	1	dealing	deal	VERB
dem-4187	14	2	with	with	ADP
dem-4187	14	3	continuous	continuous	ADJ
dem-4187	14	4	-	-	PUNCT
dem-4187	14	5	time	time	NOUN
dem-4187	14	6	models	model	NOUN
dem-4187	14	7	,	,	PUNCT
dem-4187	14	8	we	we	PRON
dem-4187	14	9	make	make	VERB
dem-4187	14	10	many	many	ADJ
dem-4187	14	11	assumptions	assumption	NOUN
dem-4187	14	12	that	that	PRON
dem-4187	14	13	are	be	AUX
dem-4187	14	14	not	not	PART
dem-4187	14	15	satisfied	satisfied	ADJ
dem-4187	14	16	in	in	ADP
dem-4187	14	17	the	the	DET
dem-4187	14	18	real	real	ADJ
dem-4187	14	19	market	market	NOUN
dem-4187	14	20	.	.	PUNCT
dem-4187	15	1	they	they	PRON
dem-4187	15	2	concern	concern	VERB
dem-4187	15	3	time	time	NOUN
dem-4187	15	4	,	,	PUNCT
dem-4187	15	5	price	price	NOUN
dem-4187	15	6	process	process	NOUN
dem-4187	15	7	,	,	PUNCT
dem-4187	15	8	and	and	CCONJ
dem-4187	15	9	market	market	NOUN
dem-4187	15	10	mechanism	mechanism	NOUN
dem-4187	15	11	.	.	PUNCT
dem-4187	16	1	the	the	DET
dem-4187	16	2	departures	departure	NOUN
dem-4187	16	3	of	of	ADP
dem-4187	16	4	the	the	DET
dem-4187	16	5	observed	observe	VERB
dem-4187	16	6	process	process	NOUN
dem-4187	16	7	from	from	ADP
dem-4187	16	8	these	these	DET
dem-4187	16	9	assumptions	assumption	NOUN
dem-4187	16	10	†	†	X
dem-4187	16	11	this	this	DET
dem-4187	16	12	work	work	NOUN
dem-4187	16	13	was	be	AUX
dem-4187	16	14	financed	finance	VERB
dem-4187	16	15	from	from	ADP
dem-4187	16	16	the	the	DET
dem-4187	16	17	polish	polish	ADJ
dem-4187	16	18	science	science	NOUN
dem-4187	16	19	budget	budget	NOUN
dem-4187	16	20	resources	resource	NOUN
dem-4187	16	21	in	in	ADP
dem-4187	16	22	the	the	DET
dem-4187	16	23	years	year	NOUN
dem-4187	16	24	2007	2007	NUM
dem-4187	16	25	-	-	SYM
dem-4187	16	26	2010	2010	NUM
dem-4187	16	27	as	as	ADP
dem-4187	16	28	the	the	DET
dem-4187	16	29	research	research	NOUN
dem-4187	16	30	project	project	NOUN
dem-4187	16	31	nn	nn	PROPN
dem-4187	16	32	111	111	NUM
dem-4187	16	33	1256	1256	NUM
dem-4187	16	34	33	33	NUM
dem-4187	16	35	.	.	PUNCT
dem-4187	17	1	the	the	DET
dem-4187	17	2	author	author	NOUN
dem-4187	17	3	would	would	AUX
dem-4187	17	4	like	like	VERB
dem-4187	17	5	to	to	PART
dem-4187	17	6	thank	thank	VERB
dem-4187	17	7	an	an	DET
dem-4187	17	8	anonymous	anonymous	ADJ
dem-4187	17	9	referee	referee	NOUN
dem-4187	17	10	for	for	ADP
dem-4187	17	11	useful	useful	ADJ
dem-4187	17	12	comments	comment	NOUN
dem-4187	17	13	and	and	CCONJ
dem-4187	17	14	suggestions	suggestion	NOUN
dem-4187	17	15	.	.	PUNCT
dem-4187	18	1	małgorzata	małgorzata	NOUN
dem-4187	18	2	doman	doman	NOUN
dem-4187	18	3	6	6	NUM
dem-4187	18	4	are	be	AUX
dem-4187	18	5	very	very	ADV
dem-4187	18	6	often	often	ADV
dem-4187	18	7	connected	connect	VERB
dem-4187	18	8	with	with	ADP
dem-4187	18	9	the	the	DET
dem-4187	18	10	so	so	ADV
dem-4187	18	11	-	-	PUNCT
dem-4187	18	12	called	call	VERB
dem-4187	18	13	market	market	NOUN
dem-4187	18	14	microstructure	microstructure	NOUN
dem-4187	18	15	effects	effect	NOUN
dem-4187	18	16	.	.	PUNCT
dem-4187	19	1	the	the	DET
dem-4187	19	2	most	most	ADV
dem-4187	19	3	known	know	VERB
dem-4187	19	4	factors	factor	NOUN
dem-4187	19	5	of	of	ADP
dem-4187	19	6	market	market	NOUN
dem-4187	19	7	microstructure	microstructure	NOUN
dem-4187	19	8	are	be	AUX
dem-4187	19	9	liquidity	liquidity	NOUN
dem-4187	19	10	,	,	PUNCT
dem-4187	19	11	nonsynchronous	nonsynchronous	ADJ
dem-4187	19	12	trade	trade	NOUN
dem-4187	19	13	,	,	PUNCT
dem-4187	19	14	bid	bid	NOUN
dem-4187	19	15	-	-	PUNCT
dem-4187	19	16	ask	ask	NOUN
dem-4187	19	17	spread	spread	NOUN
dem-4187	19	18	,	,	PUNCT
dem-4187	19	19	discrete	discrete	ADV
dem-4187	19	20	-	-	PUNCT
dem-4187	19	21	valued	value	VERB
dem-4187	19	22	price	price	NOUN
dem-4187	19	23	,	,	PUNCT
dem-4187	19	24	irregular	irregular	ADJ
dem-4187	19	25	time	time	NOUN
dem-4187	19	26	intervals	interval	NOUN
dem-4187	19	27	between	between	ADP
dem-4187	19	28	trades	trade	NOUN
dem-4187	19	29	,	,	PUNCT
dem-4187	19	30	and	and	CCONJ
dem-4187	19	31	existence	existence	NOUN
dem-4187	19	32	of	of	ADP
dem-4187	19	33	diurnal	diurnal	ADJ
dem-4187	19	34	pattern	pattern	NOUN
dem-4187	19	35	(	(	PUNCT
dem-4187	19	36	tsay	tsay	PROPN
dem-4187	19	37	,	,	PUNCT
dem-4187	19	38	2000	2000	NUM
dem-4187	19	39	)	)	PUNCT
dem-4187	19	40	.	.	PUNCT
dem-4187	20	1	usually	usually	ADV
dem-4187	20	2	these	these	DET
dem-4187	20	3	effects	effect	NOUN
dem-4187	20	4	depend	depend	VERB
dem-4187	20	5	on	on	ADP
dem-4187	20	6	legal	legal	ADJ
dem-4187	20	7	regulations	regulation	NOUN
dem-4187	20	8	,	,	PUNCT
dem-4187	20	9	market	market	NOUN
dem-4187	20	10	electronic	electronic	ADJ
dem-4187	20	11	systems	system	NOUN
dem-4187	20	12	,	,	PUNCT
dem-4187	20	13	and	and	CCONJ
dem-4187	20	14	traders	trader	NOUN
dem-4187	20	15	knowledge	knowledge	NOUN
dem-4187	20	16	and	and	CCONJ
dem-4187	20	17	behavior	behavior	NOUN
dem-4187	20	18	.	.	PUNCT
dem-4187	21	1	volatility	volatility	NOUN
dem-4187	21	2	is	be	AUX
dem-4187	21	3	one	one	NUM
dem-4187	21	4	of	of	ADP
dem-4187	21	5	the	the	DET
dem-4187	21	6	most	most	ADV
dem-4187	21	7	important	important	ADJ
dem-4187	21	8	parameter	parameter	NOUN
dem-4187	21	9	in	in	ADP
dem-4187	21	10	risk	risk	NOUN
dem-4187	21	11	management	management	NOUN
dem-4187	21	12	,	,	PUNCT
dem-4187	21	13	derivative	derivative	ADJ
dem-4187	21	14	pricing	pricing	NOUN
dem-4187	21	15	and	and	CCONJ
dem-4187	21	16	portfolio	portfolio	NOUN
dem-4187	21	17	allocation	allocation	NOUN
dem-4187	21	18	.	.	PUNCT
dem-4187	22	1	nowadays	nowadays	ADV
dem-4187	22	2	,	,	PUNCT
dem-4187	22	3	one	one	NUM
dem-4187	22	4	of	of	ADP
dem-4187	22	5	the	the	DET
dem-4187	22	6	most	most	ADV
dem-4187	22	7	popular	popular	ADJ
dem-4187	22	8	and	and	CCONJ
dem-4187	22	9	promising	promising	ADJ
dem-4187	22	10	estimator	estimator	NOUN
dem-4187	22	11	of	of	ADP
dem-4187	22	12	daily	daily	ADJ
dem-4187	22	13	volatility	volatility	NOUN
dem-4187	22	14	is	be	AUX
dem-4187	22	15	the	the	DET
dem-4187	22	16	daily	daily	ADJ
dem-4187	22	17	realized	realize	VERB
dem-4187	22	18	variance	variance	NOUN
dem-4187	22	19	(	(	PUNCT
dem-4187	22	20	andersen	andersen	PROPN
dem-4187	22	21	,	,	PUNCT
dem-4187	22	22	bollerslev	bollerslev	NOUN
dem-4187	22	23	,	,	PUNCT
dem-4187	22	24	1998	1998	NUM
dem-4187	22	25	;	;	PUNCT
dem-4187	22	26	barndorff	barndorff	NOUN
dem-4187	22	27	-	-	PUNCT
dem-4187	22	28	nielsen	nielsen	PROPN
dem-4187	22	29	,	,	PUNCT
dem-4187	22	30	shephard	shephard	NOUN
dem-4187	22	31	,	,	PUNCT
dem-4187	22	32	2002	2002	NUM
dem-4187	22	33	)	)	PUNCT
dem-4187	22	34	.	.	PUNCT
dem-4187	23	1	it	it	PRON
dem-4187	23	2	is	be	AUX
dem-4187	23	3	calculated	calculate	VERB
dem-4187	23	4	as	as	ADP
dem-4187	23	5	a	a	DET
dem-4187	23	6	sum	sum	NOUN
dem-4187	23	7	of	of	ADP
dem-4187	23	8	squared	square	VERB
dem-4187	23	9	intraday	intraday	NOUN
dem-4187	23	10	returns	return	NOUN
dem-4187	23	11	and	and	CCONJ
dem-4187	23	12	so	so	ADV
dem-4187	23	13	it	it	PRON
dem-4187	23	14	depends	depend	VERB
dem-4187	23	15	on	on	ADP
dem-4187	23	16	the	the	DET
dem-4187	23	17	chosen	choose	VERB
dem-4187	23	18	frequency	frequency	NOUN
dem-4187	23	19	of	of	ADP
dem-4187	23	20	observations	observation	NOUN
dem-4187	23	21	.	.	PUNCT
dem-4187	24	1	the	the	DET
dem-4187	24	2	frequency	frequency	NOUN
dem-4187	24	3	of	of	ADP
dem-4187	24	4	intraday	intraday	NOUN
dem-4187	24	5	data	datum	NOUN
dem-4187	24	6	should	should	AUX
dem-4187	24	7	be	be	AUX
dem-4187	24	8	high	high	ADJ
dem-4187	24	9	enough	enough	ADV
dem-4187	24	10	to	to	PART
dem-4187	24	11	capture	capture	VERB
dem-4187	24	12	as	as	ADV
dem-4187	24	13	much	much	ADV
dem-4187	24	14	as	as	ADP
dem-4187	24	15	possible	possible	ADJ
dem-4187	24	16	of	of	ADP
dem-4187	24	17	available	available	ADJ
dem-4187	24	18	information	information	NOUN
dem-4187	24	19	and	and	CCONJ
dem-4187	24	20	small	small	ADJ
dem-4187	24	21	enough	enough	ADV
dem-4187	24	22	to	to	PART
dem-4187	24	23	avoid	avoid	VERB
dem-4187	24	24	including	include	VERB
dem-4187	24	25	a	a	DET
dem-4187	24	26	noise	noise	NOUN
dem-4187	24	27	into	into	ADP
dem-4187	24	28	the	the	DET
dem-4187	24	29	realized	realize	VERB
dem-4187	24	30	variance	variance	NOUN
dem-4187	24	31	estimates	estimate	NOUN
dem-4187	24	32	.	.	PUNCT
dem-4187	25	1	it	it	PRON
dem-4187	25	2	seems	seem	VERB
dem-4187	25	3	rather	rather	ADV
dem-4187	25	4	obvious	obvious	ADJ
dem-4187	25	5	that	that	SCONJ
dem-4187	25	6	the	the	DET
dem-4187	25	7	problem	problem	NOUN
dem-4187	25	8	of	of	ADP
dem-4187	25	9	separating	separate	VERB
dem-4187	25	10	the	the	DET
dem-4187	25	11	noise	noise	NOUN
dem-4187	25	12	from	from	ADP
dem-4187	25	13	the	the	DET
dem-4187	25	14	„	„	PUNCT
dem-4187	25	15	true	true	ADJ
dem-4187	25	16	price	price	NOUN
dem-4187	25	17	”	"	PUNCT
dem-4187	25	18	process	process	NOUN
dem-4187	25	19	is	be	AUX
dem-4187	25	20	of	of	ADP
dem-4187	25	21	great	great	ADJ
dem-4187	25	22	importance	importance	NOUN
dem-4187	25	23	for	for	ADP
dem-4187	25	24	quality	quality	NOUN
dem-4187	25	25	of	of	ADP
dem-4187	25	26	the	the	DET
dem-4187	25	27	daily	daily	ADJ
dem-4187	25	28	volatility	volatility	NOUN
dem-4187	25	29	estimates	estimate	NOUN
dem-4187	25	30	.	.	PUNCT
dem-4187	26	1	in	in	ADP
dem-4187	26	2	this	this	DET
dem-4187	26	3	connection	connection	NOUN
dem-4187	26	4	,	,	PUNCT
dem-4187	26	5	the	the	DET
dem-4187	26	6	most	most	ADV
dem-4187	26	7	significant	significant	ADJ
dem-4187	26	8	microstructure	microstructure	ADJ
dem-4187	26	9	phenomenon	phenomenon	NOUN
dem-4187	26	10	is	be	AUX
dem-4187	26	11	liquidity	liquidity	NOUN
dem-4187	26	12	.	.	PUNCT
dem-4187	27	1	the	the	DET
dem-4187	27	2	microstructure	microstructure	ADJ
dem-4187	27	3	noise	noise	NOUN
dem-4187	27	4	is	be	AUX
dem-4187	27	5	usually	usually	ADV
dem-4187	27	6	weaker	weak	ADJ
dem-4187	27	7	for	for	ADP
dem-4187	27	8	very	very	ADV
dem-4187	27	9	liquid	liquid	ADJ
dem-4187	27	10	shares	share	NOUN
dem-4187	27	11	.	.	PUNCT
dem-4187	28	1	the	the	DET
dem-4187	28	2	presented	present	VERB
dem-4187	28	3	analysis	analysis	NOUN
dem-4187	28	4	applies	apply	VERB
dem-4187	28	5	the	the	DET
dem-4187	28	6	aït	aït	PROPN
dem-4187	28	7	-	-	PUNCT
dem-4187	28	8	sahalia	sahalia	PROPN
dem-4187	28	9	and	and	CCONJ
dem-4187	28	10	yu	yu	PROPN
dem-4187	28	11	(	(	PUNCT
dem-4187	28	12	2009	2009	NUM
dem-4187	28	13	)	)	PUNCT
dem-4187	28	14	approach	approach	NOUN
dem-4187	28	15	to	to	PART
dem-4187	28	16	separate	separate	VERB
dem-4187	28	17	the	the	DET
dem-4187	28	18	microstructure	microstructure	ADJ
dem-4187	28	19	noise	noise	NOUN
dem-4187	28	20	from	from	ADP
dem-4187	28	21	the	the	DET
dem-4187	28	22	price	price	NOUN
dem-4187	28	23	process	process	NOUN
dem-4187	28	24	in	in	ADP
dem-4187	28	25	the	the	DET
dem-4187	28	26	case	case	NOUN
dem-4187	28	27	of	of	ADP
dem-4187	28	28	shares	share	NOUN
dem-4187	28	29	of	of	ADP
dem-4187	28	30	the	the	DET
dem-4187	28	31	polish	polish	ADJ
dem-4187	28	32	company	company	PROPN
dem-4187	28	33	pekao	pekao	PROPN
dem-4187	28	34	s.a	s.a	PROPN
dem-4187	28	35	.	.	PUNCT
dem-4187	29	1	basing	base	VERB
dem-4187	29	2	on	on	ADP
dem-4187	29	3	the	the	DET
dem-4187	29	4	noise	noise	NOUN
dem-4187	29	5	estimates	estimate	NOUN
dem-4187	29	6	,	,	PUNCT
dem-4187	29	7	we	we	PRON
dem-4187	29	8	determine	determine	VERB
dem-4187	29	9	the	the	DET
dem-4187	29	10	noise	noise	NOUN
dem-4187	29	11	to	to	PART
dem-4187	29	12	signal	signal	VERB
dem-4187	29	13	ratio	ratio	NOUN
dem-4187	29	14	where	where	SCONJ
dem-4187	29	15	the	the	DET
dem-4187	29	16	signal	signal	NOUN
dem-4187	29	17	is	be	AUX
dem-4187	29	18	the	the	DET
dem-4187	29	19	realized	realize	VERB
dem-4187	29	20	volatility	volatility	NOUN
dem-4187	29	21	.	.	PUNCT
dem-4187	30	1	as	as	ADP
dem-4187	30	2	a	a	DET
dem-4187	30	3	result	result	NOUN
dem-4187	30	4	of	of	ADP
dem-4187	30	5	the	the	DET
dem-4187	30	6	analysis	analysis	NOUN
dem-4187	30	7	we	we	PRON
dem-4187	30	8	obtain	obtain	VERB
dem-4187	30	9	the	the	DET
dem-4187	30	10	optimal	optimal	ADJ
dem-4187	30	11	sampling	sampling	NOUN
dem-4187	30	12	frequency	frequency	NOUN
dem-4187	30	13	for	for	ADP
dem-4187	30	14	the	the	DET
dem-4187	30	15	realized	realize	VERB
dem-4187	30	16	volatility	volatility	NOUN
dem-4187	30	17	calculation	calculation	NOUN
dem-4187	30	18	.	.	PUNCT
dem-4187	31	1	since	since	SCONJ
dem-4187	31	2	liquidity	liquidity	NOUN
dem-4187	31	3	is	be	AUX
dem-4187	31	4	considered	consider	VERB
dem-4187	31	5	to	to	PART
dem-4187	31	6	be	be	AUX
dem-4187	31	7	the	the	DET
dem-4187	31	8	crucial	crucial	ADJ
dem-4187	31	9	factor	factor	NOUN
dem-4187	31	10	determining	determine	VERB
dem-4187	31	11	the	the	DET
dem-4187	31	12	noise	noise	NOUN
dem-4187	31	13	level	level	NOUN
dem-4187	31	14	,	,	PUNCT
dem-4187	31	15	we	we	PRON
dem-4187	31	16	try	try	VERB
dem-4187	31	17	to	to	PART
dem-4187	31	18	determine	determine	VERB
dem-4187	31	19	the	the	DET
dem-4187	31	20	dependencies	dependency	NOUN
dem-4187	31	21	between	between	ADP
dem-4187	31	22	the	the	DET
dem-4187	31	23	noise	noise	NOUN
dem-4187	31	24	to	to	PART
dem-4187	31	25	signal	signal	VERB
dem-4187	31	26	ratio	ratio	NOUN
dem-4187	31	27	and	and	CCONJ
dem-4187	31	28	chosen	choose	VERB
dem-4187	31	29	liquidity	liquidity	NOUN
dem-4187	31	30	measures	measure	NOUN
dem-4187	31	31	.	.	PUNCT
dem-4187	32	1	moreover	moreover	ADV
dem-4187	32	2	,	,	PUNCT
dem-4187	32	3	we	we	PRON
dem-4187	32	4	apply	apply	VERB
dem-4187	32	5	the	the	DET
dem-4187	32	6	signal	signal	NOUN
dem-4187	32	7	to	to	PART
dem-4187	32	8	noise	noise	VERB
dem-4187	32	9	ratio	ratio	NOUN
dem-4187	32	10	to	to	PART
dem-4187	32	11	compare	compare	VERB
dem-4187	32	12	the	the	DET
dem-4187	32	13	strength	strength	NOUN
dem-4187	32	14	of	of	ADP
dem-4187	32	15	market	market	NOUN
dem-4187	32	16	microstructure	microstructure	NOUN
dem-4187	32	17	effects	effect	NOUN
dem-4187	32	18	observed	observe	VERB
dem-4187	32	19	in	in	ADP
dem-4187	32	20	the	the	DET
dem-4187	32	21	analyzed	analyze	VERB
dem-4187	32	22	pekao	pekao	NOUN
dem-4187	32	23	data	datum	NOUN
dem-4187	32	24	with	with	ADP
dem-4187	32	25	that	that	PRON
dem-4187	32	26	reported	report	VERB
dem-4187	32	27	from	from	ADP
dem-4187	32	28	more	more	ADJ
dem-4187	32	29	developed	develop	VERB
dem-4187	32	30	stock	stock	NOUN
dem-4187	32	31	markets	market	NOUN
dem-4187	32	32	.	.	PUNCT
dem-4187	33	1	2	2	X
dem-4187	33	2	.	.	NUM
dem-4187	33	3	realized	realize	VERB
dem-4187	33	4	volatility	volatility	NOUN
dem-4187	33	5	and	and	CCONJ
dem-4187	33	6	market	market	NOUN
dem-4187	33	7	microstructure	microstructure	NOUN
dem-4187	33	8	noise	noise	NOUN
dem-4187	33	9	we	we	PRON
dem-4187	33	10	consider	consider	VERB
dem-4187	33	11	a	a	DET
dem-4187	33	12	daily	daily	ADJ
dem-4187	33	13	log	log	NOUN
dem-4187	33	14	-	-	PUNCT
dem-4187	33	15	price	price	NOUN
dem-4187	33	16	process	process	NOUN
dem-4187	33	17	)	)	PUNCT
dem-4187	33	18	)	)	PUNCT
dem-4187	34	1	(	(	PUNCT
dem-4187	34	2	ln	ln	ADJ
dem-4187	34	3	(	(	PUNCT
dem-4187	34	4	)	)	PUNCT
dem-4187	34	5	(	(	PUNCT
dem-4187	34	6	tpty	tpty	NOUN
dem-4187	34	7	=	=	SYM
dem-4187	34	8	where	where	SCONJ
dem-4187	34	9	t	t	PROPN
dem-4187	34	10	is	be	AUX
dem-4187	34	11	measured	measure	VERB
dem-4187	34	12	in	in	ADP
dem-4187	34	13	days	day	NOUN
dem-4187	34	14	.	.	PUNCT
dem-4187	35	1	then	then	ADV
dem-4187	35	2	the	the	DET
dem-4187	35	3	logarithmic	logarithmic	ADJ
dem-4187	35	4	returns	return	NOUN
dem-4187	35	5	are	be	AUX
dem-4187	35	6	given	give	VERB
dem-4187	35	7	by	by	ADP
dem-4187	35	8	formula	formula	NOUN
dem-4187	35	9	)	)	PUNCT
dem-4187	35	10	(	(	PUNCT
dem-4187	35	11	)	)	PUNCT
dem-4187	35	12	(	(	PUNCT
dem-4187	35	13	)	)	PUNCT
dem-4187	35	14	,	,	PUNCT
dem-4187	35	15	(	(	PUNCT
dem-4187	35	16	htytyhtr	htytyhtr	INTJ
dem-4187	35	17	−−=	−−=	INTJ
dem-4187	35	18	,	,	PUNCT
dem-4187	35	19	and	and	CCONJ
dem-4187	35	20	the	the	DET
dem-4187	35	21	daily	daily	ADJ
dem-4187	35	22	realized	realize	VERB
dem-4187	35	23	variance	variance	NOUN
dem-4187	35	24	(	(	PUNCT
dem-4187	35	25	volatility	volatility	NOUN
dem-4187	35	26	)	)	PUNCT
dem-4187	35	27	(	(	PUNCT
dem-4187	35	28	andersen	andersen	PROPN
dem-4187	35	29	,	,	PUNCT
dem-4187	35	30	bollerslev	bollerslev	NOUN
dem-4187	35	31	,	,	PUNCT
dem-4187	35	32	1998	1998	NUM
dem-4187	35	33	;	;	PUNCT
dem-4187	35	34	barndorff	barndorff	NOUN
dem-4187	35	35	-	-	PUNCT
dem-4187	35	36	nielsen	nielsen	PROPN
dem-4187	35	37	,	,	PUNCT
dem-4187	35	38	shephard	shephard	NOUN
dem-4187	35	39	,	,	PUNCT
dem-4187	35	40	2002	2002	NUM
dem-4187	35	41	)	)	PUNCT
dem-4187	35	42	is	be	AUX
dem-4187	35	43	defined	define	VERB
dem-4187	35	44	as	as	ADP
dem-4187	35	45	,	,	PUNCT
dem-4187	35	46	)	)	PUNCT
dem-4187	35	47	)	)	PUNCT
dem-4187	35	48	,	,	PUNCT
dem-4187	35	49	1	1	NUM
dem-4187	35	50	(	(	PUNCT
dem-4187	35	51	(	(	PUNCT
dem-4187	35	52	)	)	PUNCT
dem-4187	35	53	(	(	PUNCT
dem-4187	35	54	/1	/1	NOUN
dem-4187	35	55	1	1	NUM
dem-4187	35	56	2∑	2∑	X
dem-4187	35	57	=	=	PUNCT
dem-4187	36	1	+	+	NOUN
dem-4187	36	2	−=	−=	PROPN
dem-4187	36	3	h	h	PROPN
dem-4187	36	4	j	j	PROPN
dem-4187	36	5	t	t	PROPN
dem-4187	36	6	hjhtrhrv	hjhtrhrv	NOUN
dem-4187	36	7	(	(	PUNCT
dem-4187	36	8	1	1	NUM
dem-4187	36	9	)	)	PUNCT
dem-4187	36	10	where	where	SCONJ
dem-4187	36	11	h	h	NOUN
dem-4187	36	12	denotes	denote	VERB
dem-4187	36	13	time	time	NOUN
dem-4187	36	14	between	between	ADP
dem-4187	36	15	two	two	NUM
dem-4187	36	16	consecutive	consecutive	ADJ
dem-4187	36	17	observations	observation	NOUN
dem-4187	36	18	.	.	PUNCT
dem-4187	37	1	the	the	DET
dem-4187	37	2	daily	daily	ADJ
dem-4187	37	3	volatility	volatility	NOUN
dem-4187	37	4	2	2	NUM
dem-4187	37	5	tσ	tσ	NOUN
dem-4187	37	6	of	of	ADP
dem-4187	37	7	a	a	DET
dem-4187	37	8	financial	financial	ADJ
dem-4187	37	9	instrument	instrument	NOUN
dem-4187	37	10	is	be	AUX
dem-4187	37	11	defined	define	VERB
dem-4187	37	12	as	as	ADP
dem-4187	37	13	the	the	DET
dem-4187	37	14	conditional	conditional	ADJ
dem-4187	37	15	variance	variance	NOUN
dem-4187	37	16	of	of	ADP
dem-4187	37	17	its	its	PRON
dem-4187	37	18	daily	daily	ADJ
dem-4187	37	19	return	return	NOUN
dem-4187	37	20	given	give	VERB
dem-4187	37	21	the	the	DET
dem-4187	37	22	set	set	NOUN
dem-4187	37	23	of	of	ADP
dem-4187	37	24	information	information	NOUN
dem-4187	37	25	1−ωt	1−ωt	NUM
dem-4187	37	26	available	available	ADJ
dem-4187	37	27	on	on	ADP
dem-4187	37	28	day	day	NOUN
dem-4187	37	29	1−t	1−t	NUM
dem-4187	37	30	,	,	PUNCT
dem-4187	37	31	i.e.	i.e.	X
dem-4187	37	32	liquidity	liquidity	NOUN
dem-4187	37	33	and	and	CCONJ
dem-4187	37	34	market	market	NOUN
dem-4187	37	35	microstructure	microstructure	NOUN
dem-4187	37	36	noise	noise	NOUN
dem-4187	37	37	:	:	PUNCT
dem-4187	37	38	evidence	evidence	NOUN
dem-4187	37	39	from	from	ADP
dem-4187	37	40	the	the	DET
dem-4187	37	41	pekao	pekao	NOUN
dem-4187	37	42	data	datum	NOUN
dem-4187	37	43	7	7	NUM
dem-4187	37	44	)	)	PUNCT
dem-4187	37	45	.|))|	.|))|	PROPN
dem-4187	37	46	(	(	PUNCT
dem-4187	37	47	(	(	PUNCT
dem-4187	37	48	(	(	PUNCT
dem-4187	37	49	1	1	NUM
dem-4187	37	50	2	2	NUM
dem-4187	37	51	1	1	NUM
dem-4187	37	52	2	2	NUM
dem-4187	37	53	−−	−−	NOUN
dem-4187	37	54	ωω−=	ωω−=	NUM
dem-4187	37	55	ttttt	ttttt	NOUN
dem-4187	37	56	rereσ	rereσ	ADJ
dem-4187	37	57	(	(	PUNCT
dem-4187	37	58	2	2	NUM
dem-4187	37	59	)	)	PUNCT
dem-4187	37	60	thus	thus	ADV
dem-4187	37	61	the	the	DET
dem-4187	37	62	volatility	volatility	NOUN
dem-4187	37	63	is	be	AUX
dem-4187	37	64	an	an	DET
dem-4187	37	65	unobservable	unobservable	ADJ
dem-4187	37	66	variable	variable	NOUN
dem-4187	37	67	.	.	PUNCT
dem-4187	38	1	the	the	DET
dem-4187	38	2	realized	realize	VERB
dem-4187	38	3	variance	variance	NOUN
dem-4187	38	4	(	(	PUNCT
dem-4187	38	5	1	1	NUM
dem-4187	38	6	)	)	PUNCT
dem-4187	38	7	is	be	AUX
dem-4187	38	8	a	a	DET
dem-4187	38	9	possible	possible	ADJ
dem-4187	38	10	estimator	estimator	NOUN
dem-4187	38	11	of	of	ADP
dem-4187	38	12	it	it	PRON
dem-4187	38	13	.	.	PUNCT
dem-4187	39	1	in	in	ADP
dem-4187	39	2	the	the	DET
dem-4187	39	3	following	follow	VERB
dem-4187	39	4	discussion	discussion	NOUN
dem-4187	39	5	we	we	PRON
dem-4187	39	6	assume	assume	VERB
dem-4187	39	7	that	that	SCONJ
dem-4187	39	8	)	)	PUNCT
dem-4187	39	9	(	(	PUNCT
dem-4187	39	10	ty	ty	INTJ
dem-4187	39	11	is	be	AUX
dem-4187	39	12	described	describe	VERB
dem-4187	39	13	by	by	ADP
dem-4187	39	14	the	the	DET
dem-4187	39	15	following	follow	VERB
dem-4187	39	16	stochastic	stochastic	ADJ
dem-4187	39	17	differential	differential	ADJ
dem-4187	39	18	equation	equation	NOUN
dem-4187	39	19	)	)	PUNCT
dem-4187	39	20	.	.	PUNCT
dem-4187	40	1	(	(	PUNCT
dem-4187	40	2	)	)	PUNCT
dem-4187	40	3	(	(	PUNCT
dem-4187	40	4	)	)	PUNCT
dem-4187	40	5	(	(	PUNCT
dem-4187	40	6	)	)	PUNCT
dem-4187	40	7	(	(	PUNCT
dem-4187	40	8	tdwtdtttdy	tdwtdtttdy	NOUN
dem-4187	40	9	σμ	σμ	VERB
dem-4187	40	10	+	+	NOUN
dem-4187	40	11	=	=	X
dem-4187	40	12	(	(	PUNCT
dem-4187	40	13	3	3	NUM
dem-4187	40	14	)	)	PUNCT
dem-4187	40	15	here	here	ADV
dem-4187	40	16	)	)	PUNCT
dem-4187	40	17	(	(	PUNCT
dem-4187	40	18	tw	tw	NOUN
dem-4187	40	19	denotes	denote	VERB
dem-4187	40	20	a	a	DET
dem-4187	40	21	brownian	brownian	ADJ
dem-4187	40	22	motion	motion	NOUN
dem-4187	40	23	,	,	PUNCT
dem-4187	40	24	)	)	PUNCT
dem-4187	40	25	(	(	PUNCT
dem-4187	40	26	tσ	tσ	INTJ
dem-4187	40	27	is	be	AUX
dem-4187	40	28	an	an	DET
dem-4187	40	29	instantaneous	instantaneous	ADJ
dem-4187	40	30	volatility	volatility	NOUN
dem-4187	40	31	and	and	CCONJ
dem-4187	40	32	)	)	PUNCT
dem-4187	40	33	(	(	PUNCT
dem-4187	40	34	tμ	tμ	ADV
dem-4187	40	35	is	be	AUX
dem-4187	40	36	a	a	DET
dem-4187	40	37	drift	drift	NOUN
dem-4187	40	38	function	function	NOUN
dem-4187	40	39	.	.	PUNCT
dem-4187	41	1	in	in	ADP
dem-4187	41	2	such	such	DET
dem-4187	41	3	a	a	DET
dem-4187	41	4	framework	framework	NOUN
dem-4187	41	5	an	an	DET
dem-4187	41	6	ideal	ideal	NOUN
dem-4187	41	7	ex	ex	X
dem-4187	41	8	post	post	NOUN
dem-4187	41	9	measure	measure	NOUN
dem-4187	41	10	of	of	ADP
dem-4187	41	11	the	the	DET
dem-4187	41	12	daily	daily	ADJ
dem-4187	41	13	volatility	volatility	NOUN
dem-4187	41	14	2	2	NUM
dem-4187	41	15	tσ	tσ	NOUN
dem-4187	41	16	is	be	AUX
dem-4187	41	17	the	the	DET
dem-4187	41	18	integrated	integrate	VERB
dem-4187	41	19	variance	variance	NOUN
dem-4187	41	20	.	.	PUNCT
dem-4187	41	21	)	)	PUNCT
dem-4187	42	1	(	(	PUNCT
dem-4187	42	2	)	)	PUNCT
dem-4187	42	3	(	(	PUNCT
dem-4187	42	4	1	1	NUM
dem-4187	42	5	2∫	2∫	NUM
dem-4187	42	6	−	−	PROPN
dem-4187	42	7	=	=	SYM
dem-4187	42	8	t	t	PROPN
dem-4187	42	9	t	t	PROPN
dem-4187	42	10	duutiv	duutiv	PROPN
dem-4187	42	11	σ	σ	PROPN
dem-4187	42	12	(	(	PUNCT
dem-4187	42	13	4	4	NUM
dem-4187	42	14	)	)	PUNCT
dem-4187	42	15	from	from	ADP
dem-4187	42	16	the	the	DET
dem-4187	42	17	quadratic	quadratic	ADJ
dem-4187	42	18	variation	variation	NOUN
dem-4187	42	19	theory	theory	NOUN
dem-4187	42	20	it	it	PRON
dem-4187	42	21	follows	follow	VERB
dem-4187	42	22	that	that	SCONJ
dem-4187	42	23	.0	.0	PUNCT
dem-4187	43	1	if	if	SCONJ
dem-4187	43	2	,	,	PUNCT
dem-4187	43	3	)	)	PUNCT
dem-4187	43	4	(	(	PUNCT
dem-4187	43	5	)	)	PUNCT
dem-4187	43	6	(	(	PUNCT
dem-4187	43	7	1	1	NUM
dem-4187	43	8	2	2	NUM
dem-4187	43	9	→→	→→	PROPN
dem-4187	43	10	∫	∫	NOUN
dem-4187	44	1	−	−	PROPN
dem-4187	44	2	hduuhrv	hduuhrv	PROPN
dem-4187	44	3	t	t	PROPN
dem-4187	44	4	t	t	PROPN
dem-4187	44	5	t	t	PROPN
dem-4187	44	6	σ	σ	PROPN
dem-4187	44	7	(	(	PUNCT
dem-4187	44	8	5	5	X
dem-4187	44	9	)	)	PUNCT
dem-4187	44	10	it	it	PRON
dem-4187	44	11	means	mean	VERB
dem-4187	44	12	that	that	SCONJ
dem-4187	44	13	in	in	ADP
dem-4187	44	14	absence	absence	NOUN
dem-4187	44	15	of	of	ADP
dem-4187	44	16	market	market	NOUN
dem-4187	44	17	microstructure	microstructure	NOUN
dem-4187	44	18	noise	noise	NOUN
dem-4187	44	19	the	the	DET
dem-4187	44	20	realized	realize	VERB
dem-4187	44	21	variance	variance	NOUN
dem-4187	44	22	is	be	AUX
dem-4187	44	23	a	a	DET
dem-4187	44	24	consistent	consistent	ADJ
dem-4187	44	25	estimator	estimator	NOUN
dem-4187	44	26	of	of	ADP
dem-4187	44	27	the	the	DET
dem-4187	44	28	integrated	integrate	VERB
dem-4187	44	29	variance	variance	NOUN
dem-4187	44	30	.	.	PUNCT
dem-4187	45	1	following	follow	VERB
dem-4187	45	2	aït	aït	PROPN
dem-4187	45	3	-	-	PUNCT
dem-4187	45	4	sahalia	sahalia	PROPN
dem-4187	45	5	and	and	CCONJ
dem-4187	45	6	yu	yu	PROPN
dem-4187	45	7	(	(	PUNCT
dem-4187	45	8	2009	2009	NUM
dem-4187	45	9	)	)	PUNCT
dem-4187	45	10	,	,	PUNCT
dem-4187	45	11	we	we	PRON
dem-4187	45	12	assume	assume	VERB
dem-4187	45	13	that	that	SCONJ
dem-4187	45	14	the	the	DET
dem-4187	45	15	observed	observed	ADJ
dem-4187	45	16	price	price	NOUN
dem-4187	45	17	tx	tx	PROPN
dem-4187	45	18	is	be	AUX
dem-4187	45	19	a	a	DET
dem-4187	45	20	sum	sum	NOUN
dem-4187	45	21	of	of	ADP
dem-4187	45	22	the	the	DET
dem-4187	45	23	“	"	PUNCT
dem-4187	45	24	true	true	ADJ
dem-4187	45	25	price	price	NOUN
dem-4187	45	26	”	"	PUNCT
dem-4187	45	27	ty	ty	NOUN
dem-4187	45	28	and	and	CCONJ
dem-4187	45	29	the	the	DET
dem-4187	45	30	microstructure	microstructure	ADJ
dem-4187	45	31	noise	noise	NOUN
dem-4187	45	32	tε	tε	ADP
dem-4187	45	33	:	:	PUNCT
dem-4187	45	34	,	,	PUNCT
dem-4187	45	35	ttt	ttt	PROPN
dem-4187	45	36	yx	yx	X
dem-4187	45	37	ε+=	ε+=	PROPN
dem-4187	45	38	(	(	PUNCT
dem-4187	45	39	6	6	NUM
dem-4187	45	40	)	)	PUNCT
dem-4187	45	41	and	and	CCONJ
dem-4187	45	42	we	we	PRON
dem-4187	45	43	are	be	AUX
dem-4187	45	44	interested	interested	ADJ
dem-4187	45	45	in	in	ADP
dem-4187	45	46	determining	determine	VERB
dem-4187	45	47	the	the	DET
dem-4187	45	48	daily	daily	ADJ
dem-4187	45	49	volatility	volatility	NOUN
dem-4187	45	50	2	2	NUM
dem-4187	45	51	tσ	tσ	NOUN
dem-4187	45	52	of	of	ADP
dem-4187	45	53	the	the	DET
dem-4187	45	54	ty	ty	NOUN
dem-4187	45	55	basing	base	VERB
dem-4187	45	56	on	on	ADP
dem-4187	45	57	discrete	discrete	ADJ
dem-4187	45	58	observations	observation	NOUN
dem-4187	45	59	obtained	obtain	VERB
dem-4187	45	60	in	in	ADP
dem-4187	45	61	moments	moment	NOUN
dem-4187	45	62	tn	tn	PROPN
dem-4187	46	1	=	=	NOUN
dem-4187	46	2	δδ	δδ	X
dem-4187	46	3	,	,	PUNCT
dem-4187	46	4	,	,	PUNCT
dem-4187	46	5	,	,	PUNCT
dem-4187	46	6	0	0	NUM
dem-4187	46	7	…	…	PUNCT
dem-4187	46	8	.	.	PUNCT
dem-4187	47	1	the	the	DET
dem-4187	47	2	model	model	NOUN
dem-4187	47	3	given	give	VERB
dem-4187	47	4	by	by	ADP
dem-4187	47	5	(	(	PUNCT
dem-4187	47	6	6	6	NUM
dem-4187	47	7	)	)	PUNCT
dem-4187	47	8	is	be	AUX
dem-4187	47	9	deep	deep	ADV
dem-4187	47	10	-	-	PUNCT
dem-4187	47	11	rooted	rooted	ADJ
dem-4187	47	12	in	in	ADP
dem-4187	47	13	the	the	DET
dem-4187	47	14	market	market	NOUN
dem-4187	47	15	microstructure	microstructure	NOUN
dem-4187	47	16	theory	theory	NOUN
dem-4187	47	17	.	.	PUNCT
dem-4187	48	1	many	many	ADJ
dem-4187	48	2	authors	author	NOUN
dem-4187	48	3	consider	consider	VERB
dem-4187	48	4	the	the	DET
dem-4187	48	5	noise	noise	NOUN
dem-4187	48	6	tε	tε	NOUN
dem-4187	48	7	as	as	ADP
dem-4187	48	8	a	a	DET
dem-4187	48	9	result	result	NOUN
dem-4187	48	10	of	of	ADP
dem-4187	48	11	bid	bid	NOUN
dem-4187	48	12	-	-	PUNCT
dem-4187	48	13	ask	ask	NOUN
dem-4187	48	14	spread	spread	NOUN
dem-4187	48	15	(	(	PUNCT
dem-4187	48	16	roll	roll	NOUN
dem-4187	48	17	,	,	PUNCT
dem-4187	48	18	1984	1984	NUM
dem-4187	48	19	;	;	PUNCT
dem-4187	48	20	huang	huang	PROPN
dem-4187	48	21	stoll	stoll	PROPN
dem-4187	48	22	,	,	PUNCT
dem-4187	48	23	1996	1996	NUM
dem-4187	48	24	)	)	PUNCT
dem-4187	48	25	,	,	PUNCT
dem-4187	48	26	transaction	transaction	NOUN
dem-4187	48	27	costs	cost	NOUN
dem-4187	48	28	(	(	PUNCT
dem-4187	48	29	huang	huang	PROPN
dem-4187	48	30	,	,	PUNCT
dem-4187	48	31	stoll	stoll	PROPN
dem-4187	48	32	,	,	PUNCT
dem-4187	48	33	1996	1996	NUM
dem-4187	48	34	;	;	PUNCT
dem-4187	48	35	chan	chan	PROPN
dem-4187	48	36	,	,	PUNCT
dem-4187	48	37	lakonishok	lakonishok	NOUN
dem-4187	48	38	,	,	PUNCT
dem-4187	48	39	1997	1997	NUM
dem-4187	48	40	)	)	PUNCT
dem-4187	48	41	,	,	PUNCT
dem-4187	48	42	discrete	discrete	ADJ
dem-4187	48	43	price	price	NOUN
dem-4187	48	44	changes	change	NOUN
dem-4187	48	45	(	(	PUNCT
dem-4187	48	46	gottlieb	gottlieb	PROPN
dem-4187	48	47	,	,	PUNCT
dem-4187	48	48	kalay	kalay	NOUN
dem-4187	48	49	,	,	PUNCT
dem-4187	48	50	1985	1985	NUM
dem-4187	48	51	)	)	PUNCT
dem-4187	48	52	.	.	PUNCT
dem-4187	49	1	manganelli	manganelli	PROPN
dem-4187	49	2	(	(	PUNCT
dem-4187	49	3	2005	2005	NUM
dem-4187	49	4	)	)	PUNCT
dem-4187	49	5	and	and	CCONJ
dem-4187	49	6	aït	aït	PROPN
dem-4187	49	7	-	-	PUNCT
dem-4187	49	8	sahalia	sahalia	PROPN
dem-4187	49	9	and	and	CCONJ
dem-4187	49	10	yu	yu	PROPN
dem-4187	49	11	(	(	PUNCT
dem-4187	49	12	2009	2009	NUM
dem-4187	49	13	)	)	PUNCT
dem-4187	49	14	associate	associate	VERB
dem-4187	49	15	the	the	DET
dem-4187	49	16	noise	noise	NOUN
dem-4187	49	17	with	with	ADP
dem-4187	49	18	the	the	DET
dem-4187	49	19	low	low	ADJ
dem-4187	49	20	liquidity	liquidity	NOUN
dem-4187	49	21	level	level	NOUN
dem-4187	49	22	.	.	PUNCT
dem-4187	50	1	the	the	DET
dem-4187	50	2	framework	framework	NOUN
dem-4187	50	3	of	of	ADP
dem-4187	50	4	the	the	DET
dem-4187	50	5	presented	present	VERB
dem-4187	50	6	investigation	investigation	NOUN
dem-4187	50	7	is	be	AUX
dem-4187	50	8	based	base	VERB
dem-4187	50	9	on	on	ADP
dem-4187	50	10	the	the	DET
dem-4187	50	11	hasbrouck	hasbrouck	NOUN
dem-4187	50	12	(	(	PUNCT
dem-4187	50	13	1993	1993	NUM
dem-4187	50	14	)	)	PUNCT
dem-4187	50	15	model	model	NOUN
dem-4187	50	16	according	accord	VERB
dem-4187	50	17	to	to	ADP
dem-4187	50	18	which	which	PRON
dem-4187	50	19	the	the	DET
dem-4187	50	20	standard	standard	ADJ
dem-4187	50	21	deviation	deviation	NOUN
dem-4187	50	22	of	of	ADP
dem-4187	50	23	tε	tε	NOUN
dem-4187	50	24	is	be	AUX
dem-4187	50	25	a	a	DET
dem-4187	50	26	total	total	ADJ
dem-4187	50	27	measure	measure	NOUN
dem-4187	50	28	of	of	ADP
dem-4187	50	29	the	the	DET
dem-4187	50	30	market	market	NOUN
dem-4187	50	31	quality	quality	NOUN
dem-4187	50	32	.	.	PUNCT
dem-4187	51	1	in	in	ADP
dem-4187	51	2	the	the	DET
dem-4187	51	3	following	follow	VERB
dem-4187	51	4	empirical	empirical	ADJ
dem-4187	51	5	analysis	analysis	NOUN
dem-4187	51	6	our	our	PRON
dem-4187	51	7	main	main	ADJ
dem-4187	51	8	goal	goal	NOUN
dem-4187	51	9	is	be	AUX
dem-4187	51	10	to	to	PART
dem-4187	51	11	separate	separate	VERB
dem-4187	51	12	the	the	DET
dem-4187	51	13	microstructure	microstructure	ADJ
dem-4187	51	14	noise	noise	NOUN
dem-4187	51	15	from	from	ADP
dem-4187	51	16	the	the	DET
dem-4187	51	17	fundamental	fundamental	ADJ
dem-4187	51	18	price	price	NOUN
dem-4187	51	19	and	and	CCONJ
dem-4187	51	20	evaluate	evaluate	VERB
dem-4187	51	21	the	the	DET
dem-4187	51	22	share	share	NOUN
dem-4187	51	23	of	of	ADP
dem-4187	51	24	noise	noise	NOUN
dem-4187	51	25	in	in	ADP
dem-4187	51	26	observed	observed	ADJ
dem-4187	51	27	values	value	NOUN
dem-4187	51	28	of	of	ADP
dem-4187	51	29	the	the	DET
dem-4187	51	30	daily	daily	ADJ
dem-4187	51	31	realized	realize	VERB
dem-4187	51	32	variance	variance	NOUN
dem-4187	51	33	.	.	PUNCT
dem-4187	52	1	we	we	PRON
dem-4187	52	2	can	can	AUX
dem-4187	52	3	use	use	VERB
dem-4187	52	4	this	this	DET
dem-4187	52	5	result	result	NOUN
dem-4187	52	6	to	to	PART
dem-4187	52	7	determine	determine	VERB
dem-4187	52	8	the	the	DET
dem-4187	52	9	frequency	frequency	NOUN
dem-4187	52	10	for	for	ADP
dem-4187	52	11	intraday	intraday	NOUN
dem-4187	52	12	returns	return	NOUN
dem-4187	52	13	allowing	allow	VERB
dem-4187	52	14	to	to	PART
dem-4187	52	15	minimize	minimize	VERB
dem-4187	52	16	bias	bias	NOUN
dem-4187	52	17	in	in	ADP
dem-4187	52	18	the	the	DET
dem-4187	52	19	realized	realize	VERB
dem-4187	52	20	variance	variance	NOUN
dem-4187	52	21	estimates	estimate	NOUN
dem-4187	52	22	.	.	PUNCT
dem-4187	53	1	moreover	moreover	ADV
dem-4187	53	2	,	,	PUNCT
dem-4187	53	3	we	we	PRON
dem-4187	53	4	try	try	VERB
dem-4187	53	5	to	to	PART
dem-4187	53	6	discover	discover	VERB
dem-4187	53	7	the	the	DET
dem-4187	53	8	dependencies	dependency	NOUN
dem-4187	53	9	bemałgorzata	bemałgorzata	NOUN
dem-4187	53	10	doman	doman	NOUN
dem-4187	53	11	8	8	NUM
dem-4187	53	12	tween	tween	NOUN
dem-4187	53	13	liquidity	liquidity	NOUN
dem-4187	53	14	and	and	CCONJ
dem-4187	53	15	microstructure	microstructure	NOUN
dem-4187	53	16	noise	noise	NOUN
dem-4187	53	17	by	by	ADP
dem-4187	53	18	modeling	model	VERB
dem-4187	53	19	dependence	dependence	NOUN
dem-4187	53	20	of	of	ADP
dem-4187	53	21	the	the	DET
dem-4187	53	22	later	later	NOUN
dem-4187	53	23	on	on	ADP
dem-4187	53	24	a	a	DET
dem-4187	53	25	variety	variety	NOUN
dem-4187	53	26	of	of	ADP
dem-4187	53	27	liquidity	liquidity	NOUN
dem-4187	53	28	measures	measure	NOUN
dem-4187	53	29	.	.	PUNCT
dem-4187	54	1	from	from	ADP
dem-4187	54	2	now	now	ADV
dem-4187	54	3	on	on	ADV
dem-4187	54	4	we	we	PRON
dem-4187	54	5	assume	assume	VERB
dem-4187	54	6	that	that	SCONJ
dem-4187	54	7	the	the	DET
dem-4187	54	8	conditional	conditional	ADJ
dem-4187	54	9	mean	mean	NOUN
dem-4187	54	10	of	of	ADP
dem-4187	54	11	the	the	DET
dem-4187	54	12	return	return	NOUN
dem-4187	54	13	process	process	NOUN
dem-4187	54	14	is	be	AUX
dem-4187	54	15	equal	equal	ADJ
dem-4187	54	16	to	to	ADP
dem-4187	54	17	0	0	NUM
dem-4187	54	18	.	.	PUNCT
dem-4187	55	1	it	it	PRON
dem-4187	55	2	means	mean	VERB
dem-4187	55	3	that	that	SCONJ
dem-4187	55	4	(	(	PUNCT
dem-4187	55	5	3	3	X
dem-4187	55	6	)	)	PUNCT
dem-4187	55	7	reduces	reduce	VERB
dem-4187	55	8	to	to	PART
dem-4187	55	9	(	(	PUNCT
dem-4187	55	10	)	)	PUNCT
dem-4187	55	11	(	(	PUNCT
dem-4187	55	12	)	)	PUNCT
dem-4187	55	13	(	(	PUNCT
dem-4187	55	14	)	)	PUNCT
dem-4187	55	15	.σ	.σ	NOUN
dem-4187	56	1	=	=	PRON
dem-4187	56	2	dy	dy	PROPN
dem-4187	56	3	t	t	PROPN
dem-4187	56	4	t	t	PROPN
dem-4187	56	5	dw	dw	PROPN
dem-4187	56	6	t	t	PROPN
dem-4187	56	7	(	(	PUNCT
dem-4187	56	8	7	7	X
dem-4187	56	9	)	)	PUNCT
dem-4187	56	10	aït	aït	ADJ
dem-4187	56	11	-	-	PUNCT
dem-4187	56	12	sahalia	sahalia	PROPN
dem-4187	56	13	,	,	PUNCT
dem-4187	56	14	mykland	mykland	NOUN
dem-4187	56	15	and	and	CCONJ
dem-4187	56	16	zhang	zhang	PROPN
dem-4187	56	17	(	(	PUNCT
dem-4187	56	18	2005	2005	NUM
dem-4187	56	19	)	)	PUNCT
dem-4187	56	20	showed	show	VERB
dem-4187	56	21	that	that	SCONJ
dem-4187	56	22	in	in	ADP
dem-4187	56	23	the	the	DET
dem-4187	56	24	parametric	parametric	ADJ
dem-4187	56	25	case	case	NOUN
dem-4187	56	26	this	this	DET
dem-4187	56	27	model	model	NOUN
dem-4187	56	28	is	be	AUX
dem-4187	56	29	equivalent	equivalent	ADJ
dem-4187	56	30	to	to	ADP
dem-4187	56	31	that	that	PRON
dem-4187	56	32	with	with	ADP
dem-4187	56	33	constant	constant	ADJ
dem-4187	56	34	σ	σ	NOUN
dem-4187	56	35	.	.	PUNCT
dem-4187	57	1	if	if	SCONJ
dem-4187	57	2	0	0	NUM
dem-4187	57	3	=	=	NUM
dem-4187	57	4	tε	tε	NOUN
dem-4187	57	5	,	,	PUNCT
dem-4187	57	6	i.e.	i.e.	X
dem-4187	57	7	if	if	SCONJ
dem-4187	57	8	no	no	DET
dem-4187	57	9	microstructure	microstructure	NOUN
dem-4187	57	10	noise	noise	NOUN
dem-4187	57	11	is	be	AUX
dem-4187	57	12	present	present	ADJ
dem-4187	57	13	,	,	PUNCT
dem-4187	57	14	the	the	DET
dem-4187	57	15	observed	observe	VERB
dem-4187	57	16	log	log	NOUN
dem-4187	57	17	returns	return	NOUN
dem-4187	57	18	1−	1−	NUM
dem-4187	57	19	−=	−=	PROPN
dem-4187	57	20	ii	ii	PROPN
dem-4187	57	21	xxri	xxri	PROPN
dem-4187	57	22	ττ	ττ	PROPN
dem-4187	57	23	are	be	AUX
dem-4187	57	24	i.i.d	i.i.d	ADJ
dem-4187	57	25	.	.	PUNCT
dem-4187	57	26	)	)	PUNCT
dem-4187	58	1	.,0	.,0	PROPN
dem-4187	58	2	(	(	PUNCT
dem-4187	58	3	2δσn	2δσn	PROPN
dem-4187	58	4	the	the	DET
dem-4187	58	5	daily	daily	ADJ
dem-4187	58	6	realized	realize	VERB
dem-4187	58	7	volatility	volatility	NOUN
dem-4187	58	8	is	be	AUX
dem-4187	58	9	then	then	ADV
dem-4187	58	10	the	the	DET
dem-4187	58	11	maximum	maximum	ADJ
dem-4187	58	12	likelihood	likelihood	NOUN
dem-4187	58	13	estimator	estimator	NOUN
dem-4187	58	14	for	for	ADP
dem-4187	58	15	2σ	2σ	NUM
dem-4187	58	16	and	and	CCONJ
dem-4187	58	17	)	)	PUNCT
dem-4187	58	18	.2,0	.2,0	PROPN
dem-4187	58	19	(	(	PUNCT
dem-4187	58	20	)	)	PUNCT
dem-4187	58	21	)	)	PUNCT
dem-4187	58	22	(	(	PUNCT
dem-4187	58	23	(	(	PUNCT
dem-4187	58	24	42	42	NUM
dem-4187	58	25	δ⎯⎯	δ⎯⎯	ADJ
dem-4187	58	26	→⎯−δ	→⎯−δ	PROPN
dem-4187	58	27	∞→	∞→	ADJ
dem-4187	58	28	σσ	σσ	ADP
dem-4187	58	29	nrvt	nrvt	ADP
dem-4187	58	30	n	n	CCONJ
dem-4187	58	31	(	(	PUNCT
dem-4187	58	32	8)	8)	NUM
dem-4187	58	33	in	in	ADP
dem-4187	58	34	such	such	DET
dem-4187	58	35	a	a	DET
dem-4187	58	36	case	case	NOUN
dem-4187	58	37	the	the	DET
dem-4187	58	38	best	good	ADJ
dem-4187	58	39	estimates	estimate	NOUN
dem-4187	58	40	of	of	ADP
dem-4187	58	41	volatility	volatility	NOUN
dem-4187	58	42	are	be	AUX
dem-4187	58	43	obtained	obtain	VERB
dem-4187	58	44	for	for	ADP
dem-4187	58	45	the	the	DET
dem-4187	58	46	smallest	small	ADJ
dem-4187	58	47	possible	possible	ADJ
dem-4187	58	48	δ	δ	PROPN
dem-4187	58	49	(	(	PUNCT
dem-4187	58	50	aït	aït	PROPN
dem-4187	58	51	-	-	PUNCT
dem-4187	58	52	sahalia	sahalia	PROPN
dem-4187	58	53	,	,	PUNCT
dem-4187	58	54	yu	yu	PROPN
dem-4187	58	55	,	,	PUNCT
dem-4187	58	56	2009	2009	NUM
dem-4187	58	57	;	;	PUNCT
dem-4187	58	58	aït	aït	PROPN
dem-4187	58	59	-	-	PUNCT
dem-4187	58	60	sahalia	sahalia	PROPN
dem-4187	58	61	,	,	PUNCT
dem-4187	58	62	mykland	mykland	PROPN
dem-4187	58	63	,	,	PUNCT
dem-4187	58	64	zhang	zhang	PROPN
dem-4187	58	65	,	,	PUNCT
dem-4187	58	66	2005	2005	NUM
dem-4187	58	67	)	)	PUNCT
dem-4187	58	68	.	.	PUNCT
dem-4187	59	1	the	the	DET
dem-4187	59	2	situation	situation	NOUN
dem-4187	59	3	changes	change	VERB
dem-4187	59	4	in	in	ADP
dem-4187	59	5	presence	presence	NOUN
dem-4187	59	6	of	of	ADP
dem-4187	59	7	the	the	DET
dem-4187	59	8	microstructure	microstructure	ADJ
dem-4187	59	9	noise	noise	NOUN
dem-4187	59	10	.	.	PUNCT
dem-4187	60	1	assume	assume	VERB
dem-4187	60	2	now	now	ADV
dem-4187	60	3	that	that	SCONJ
dem-4187	60	4	the	the	DET
dem-4187	60	5	noise	noise	NOUN
dem-4187	60	6	tε	tε	NOUN
dem-4187	60	7	is	be	AUX
dem-4187	60	8	i.i.d	i.i.d	ADJ
dem-4187	60	9	.	.	PUNCT
dem-4187	61	1	with	with	ADP
dem-4187	61	2	mean	mean	PROPN
dem-4187	61	3	0	0	NUM
dem-4187	61	4	and	and	CCONJ
dem-4187	61	5	variance	variance	NOUN
dem-4187	61	6	a.	a.	NOUN
dem-4187	61	7	thus	thus	ADV
dem-4187	61	8	the	the	DET
dem-4187	61	9	observed	observe	VERB
dem-4187	61	10	logreturns	logreturn	NOUN
dem-4187	61	11	process	process	NOUN
dem-4187	61	12	is	be	AUX
dem-4187	61	13	ma(1	ma(1	NOUN
dem-4187	61	14	)	)	PUNCT
dem-4187	61	15	,	,	PUNCT
dem-4187	61	16	)	)	PUNCT
dem-4187	61	17	(	(	PUNCT
dem-4187	61	18	111	111	NUM
dem-4187	61	19	iii	iii	NUM
dem-4187	61	20	uuwwyyr	uuwwyyr	PROPN
dem-4187	61	21	iiiiii	iiiiii	PROPN
dem-4187	61	22	ηεεσ	ηεεσ	NOUN
dem-4187	61	23	ττττττ	ττττττ	PROPN
dem-4187	61	24	+	+	PROPN
dem-4187	61	25	≡−+−=−=	≡−+−=−=	PROPN
dem-4187	61	26	−−−	−−−	NOUN
dem-4187	61	27	(	(	PUNCT
dem-4187	61	28	9	9	NUM
dem-4187	61	29	)	)	PUNCT
dem-4187	61	30	with	with	ADP
dem-4187	61	31	)	)	PUNCT
dem-4187	61	32	,	,	PUNCT
dem-4187	61	33	0.(i.i.d~	0.(i.i.d~	PROPN
dem-4187	61	34	2γiu	2γiu	NUM
dem-4187	61	35	,	,	PUNCT
dem-4187	61	36	22	22	NUM
dem-4187	61	37	2)var	2)var	NUM
dem-4187	61	38	(	(	PUNCT
dem-4187	61	39	ari	ari	PROPN
dem-4187	61	40	+	+	PROPN
dem-4187	61	41	δ	δ	PROPN
dem-4187	61	42	=	=	PROPN
dem-4187	61	43	σ	σ	PROPN
dem-4187	61	44	and	and	CCONJ
dem-4187	61	45	2)cov	2)cov	NUM
dem-4187	61	46	(	(	PUNCT
dem-4187	61	47	ari	ari	PROPN
dem-4187	61	48	−=	−=	PROPN
dem-4187	61	49	.	.	PUNCT
dem-4187	62	1	the	the	DET
dem-4187	62	2	above	above	ADJ
dem-4187	62	3	dependencies	dependency	NOUN
dem-4187	62	4	form	form	VERB
dem-4187	62	5	a	a	DET
dem-4187	62	6	theoretical	theoretical	ADJ
dem-4187	62	7	framework	framework	NOUN
dem-4187	62	8	for	for	ADP
dem-4187	62	9	the	the	DET
dem-4187	62	10	empirical	empirical	ADJ
dem-4187	62	11	analysis	analysis	NOUN
dem-4187	62	12	presented	present	VERB
dem-4187	62	13	in	in	ADP
dem-4187	62	14	section	section	NOUN
dem-4187	62	15	4	4	NUM
dem-4187	62	16	.	.	NOUN
dem-4187	62	17	3	3	NUM
dem-4187	62	18	.	.	PUNCT
dem-4187	63	1	the	the	DET
dem-4187	63	2	data	datum	NOUN
dem-4187	63	3	we	we	PRON
dem-4187	63	4	consider	consider	VERB
dem-4187	63	5	the	the	DET
dem-4187	63	6	polish	polish	PROPN
dem-4187	63	7	bank	bank	PROPN
dem-4187	63	8	pekao	pekao	PROPN
dem-4187	63	9	s.a	s.a	PROPN
dem-4187	63	10	.	.	PROPN
dem-4187	63	11	stock	stock	NOUN
dem-4187	63	12	returns	return	NOUN
dem-4187	63	13	.	.	PUNCT
dem-4187	64	1	the	the	DET
dem-4187	64	2	period	period	NOUN
dem-4187	64	3	under	under	ADP
dem-4187	64	4	scrutiny	scrutiny	NOUN
dem-4187	64	5	is	be	AUX
dem-4187	64	6	from	from	ADP
dem-4187	64	7	august	august	PROPN
dem-4187	64	8	8	8	NUM
dem-4187	64	9	,	,	PUNCT
dem-4187	64	10	2006	2006	NUM
dem-4187	64	11	to	to	ADP
dem-4187	64	12	february	february	PROPN
dem-4187	64	13	13	13	NUM
dem-4187	64	14	,	,	PUNCT
dem-4187	64	15	2009	2009	NUM
dem-4187	64	16	.	.	PUNCT
dem-4187	65	1	the	the	DET
dem-4187	65	2	tick	tick	NOUN
dem-4187	65	3	-	-	PUNCT
dem-4187	65	4	by	by	ADP
dem-4187	65	5	-	-	PUNCT
dem-4187	65	6	tick	tick	NOUN
dem-4187	65	7	data	datum	NOUN
dem-4187	65	8	are	be	AUX
dem-4187	65	9	provided	provide	VERB
dem-4187	65	10	by	by	ADP
dem-4187	65	11	stooq.pl	stooq.pl	PROPN
dem-4187	65	12	.	.	PUNCT
dem-4187	66	1	table	table	NOUN
dem-4187	66	2	1	1	NUM
dem-4187	66	3	.	.	X
dem-4187	66	4	number	number	NOUN
dem-4187	66	5	of	of	ADP
dem-4187	66	6	observations	observation	NOUN
dem-4187	66	7	in	in	ADP
dem-4187	66	8	the	the	DET
dem-4187	66	9	considered	consider	VERB
dem-4187	66	10	frequencies	frequency	NOUN
dem-4187	66	11	type	type	NOUN
dem-4187	66	12	of	of	ADP
dem-4187	66	13	observations	observation	NOUN
dem-4187	66	14	number	number	NOUN
dem-4187	66	15	of	of	ADP
dem-4187	66	16	observations	observation	NOUN
dem-4187	66	17	transactions	transaction	NOUN
dem-4187	66	18	361	361	NUM
dem-4187	66	19	314	314	NUM
dem-4187	66	20	tick	tick	NOUN
dem-4187	66	21	by	by	ADP
dem-4187	66	22	tick	tick	NOUN
dem-4187	66	23	325	325	NUM
dem-4187	66	24	177	177	NUM
dem-4187	66	25	5	5	NUM
dem-4187	66	26	minute	minute	NOUN
dem-4187	66	27	53	53	NUM
dem-4187	66	28	520	520	NUM
dem-4187	66	29	10	10	NUM
dem-4187	66	30	minute	minute	NOUN
dem-4187	66	31	27	27	NUM
dem-4187	66	32	160	160	NUM
dem-4187	66	33	daily	daily	ADJ
dem-4187	66	34	629	629	NUM
dem-4187	66	35	the	the	DET
dem-4187	66	36	analysis	analysis	NOUN
dem-4187	66	37	was	be	AUX
dem-4187	66	38	performed	perform	VERB
dem-4187	66	39	for	for	ADP
dem-4187	66	40	10	10	NUM
dem-4187	66	41	,	,	PUNCT
dem-4187	66	42	5	5	NUM
dem-4187	66	43	,	,	PUNCT
dem-4187	66	44	2	2	NUM
dem-4187	66	45	and	and	CCONJ
dem-4187	66	46	1	1	NUM
dem-4187	66	47	minute	minute	NOUN
dem-4187	66	48	observations	observation	NOUN
dem-4187	66	49	and	and	CCONJ
dem-4187	66	50	for	for	ADP
dem-4187	66	51	the	the	DET
dem-4187	66	52	duration	duration	NOUN
dem-4187	66	53	returns	return	NOUN
dem-4187	66	54	which	which	PRON
dem-4187	66	55	are	be	AUX
dem-4187	66	56	calculated	calculate	VERB
dem-4187	66	57	from	from	ADP
dem-4187	66	58	transaction	transaction	NOUN
dem-4187	66	59	data	datum	NOUN
dem-4187	66	60	.	.	PUNCT
dem-4187	67	1	the	the	DET
dem-4187	67	2	time	time	NOUN
dem-4187	67	3	between	between	ADP
dem-4187	67	4	the	the	DET
dem-4187	67	5	as	as	ADV
dem-4187	67	6	equal	equal	ADJ
dem-4187	67	7	t	t	NOUN
dem-4187	67	8	for	for	ADP
dem-4187	67	9	th	th	NUM
dem-4187	67	10	turns	turn	NOUN
dem-4187	67	11	.	.	PUNCT
dem-4187	68	1	tab	tab	NOUN
dem-4187	68	2	considere	considere	PROPN
dem-4187	68	3	sented	sente	VERB
dem-4187	68	4	in	in	ADP
dem-4187	68	5	figure	figure	NOUN
dem-4187	68	6	1	1	NUM
dem-4187	68	7	.	.	PUNCT
dem-4187	69	1	d	d	ADP
dem-4187	69	2	4	4	X
dem-4187	69	3	.	.	PUNCT
dem-4187	70	1	empi	empi	PROPN
dem-4187	70	2	the	the	DET
dem-4187	70	3	s	s	PROPN
dem-4187	70	4	volatility	volatility	NOUN
dem-4187	70	5	structure	structure	NOUN
dem-4187	70	6	noise	noise	NOUN
dem-4187	70	7	in	in	ADP
dem-4187	70	8	noise	noise	NOUN
dem-4187	70	9	to	to	ADP
dem-4187	70	10	s	s	PROPN
dem-4187	70	11	ns	ns	NUM
dem-4187	70	12	noise	noise	NOUN
dem-4187	70	13	what	what	PRON
dem-4187	70	14	degr	degr	ADJ
dem-4187	70	15	structure	structure	NOUN
dem-4187	70	16	yu	yu	PROPN
dem-4187	70	17	,	,	PUNCT
dem-4187	70	18	2009	2009	NUM
dem-4187	70	19	friction	friction	NOUN
dem-4187	70	20	.	.	PUNCT
dem-4187	71	1	the	the	DET
dem-4187	71	2	n	n	PRON
dem-4187	71	3	crostructu	crostructu	ADJ
dem-4187	71	4	types	type	NOUN
dem-4187	71	5	of	of	ADP
dem-4187	71	6	r	r	NOUN
dem-4187	71	7	ta	ta	ADP
dem-4187	71	8	liquidity	liquidity	NOUN
dem-4187	71	9	and	and	CCONJ
dem-4187	71	10	m	m	PROPN
dem-4187	71	11	e	e	NOUN
dem-4187	71	12	closing	closing	NOUN
dem-4187	71	13	of	of	ADP
dem-4187	71	14	t	t	PROPN
dem-4187	71	15	to	to	ADP
dem-4187	71	16	0	0	NUM
dem-4187	71	17	.	.	PUNCT
dem-4187	72	1	he	he	PRON
dem-4187	72	2	sake	sake	NOUN
dem-4187	72	3	of	of	ADP
dem-4187	72	4	pl	pl	PUNCT
dem-4187	72	5	ble	ble	ADJ
dem-4187	72	6	1	1	NUM
dem-4187	72	7	contain	contain	NOUN
dem-4187	72	8	ed	ed	NOUN
dem-4187	72	9	frequencie	frequencie	ADJ
dem-4187	72	10	figure	figure	NOUN
dem-4187	72	11	1	1	NUM
dem-4187	72	12	.	.	PUNCT
dem-4187	73	1	daily	daily	ADJ
dem-4187	73	2	returns	return	NOUN
dem-4187	73	3	o	o	PROPN
dem-4187	73	4	rical	rical	ADJ
dem-4187	73	5	resu	resu	NOUN
dem-4187	73	6	steps	step	NOUN
dem-4187	73	7	of	of	ADP
dem-4187	73	8	the	the	PRON
dem-4187	73	9	of	of	ADP
dem-4187	73	10	the	the	DET
dem-4187	73	11	funda	funda	PROPN
dem-4187	73	12	noise	noise	NOUN
dem-4187	73	13	tε	tε	ADP
dem-4187	73	14	fo	fo	ADP
dem-4187	73	15	the	the	DET
dem-4187	73	16	daily	daily	ADJ
dem-4187	73	17	re	re	NOUN
dem-4187	73	18	signal	signal	PROPN
dem-4187	73	19	ratio	ratio	NOUN
dem-4187	73	20	(	(	PUNCT
dem-4187	73	21	n	n	CCONJ
dem-4187	73	22	var(sig	var(sig	X
dem-4187	73	23	var(nosr	var(nosr	ADJ
dem-4187	73	24	=	=	SYM
dem-4187	73	25	e	e	NOUN
dem-4187	73	26	to	to	PART
dem-4187	73	27	signal	signal	VERB
dem-4187	73	28	ra	ra	PROPN
dem-4187	73	29	ree	ree	NOUN
dem-4187	73	30	the	the	DET
dem-4187	73	31	obse	obse	NOUN
dem-4187	73	32	theory	theory	NOUN
dem-4187	73	33	it	it	PRON
dem-4187	73	34	is	be	AUX
dem-4187	73	35	9	9	NUM
dem-4187	73	36	)	)	PUNCT
dem-4187	73	37	because	because	SCONJ
dem-4187	73	38	in	in	ADP
dem-4187	73	39	next	next	ADJ
dem-4187	73	40	part	part	NOUN
dem-4187	73	41	of	of	ADP
dem-4187	73	42	t	t	PROPN
dem-4187	73	43	ure	ure	PROPN
dem-4187	73	44	noise	noise	NOUN
dem-4187	73	45	on	on	ADP
dem-4187	73	46	regressions	regression	NOUN
dem-4187	73	47	.	.	PUNCT
dem-4187	74	1	t	t	NOUN
dem-4187	74	2	0	0	NUM
dem-4187	74	3	1	1	NUM
dem-4187	74	4	1−=	1−=	NUM
dem-4187	75	1	+	+	NUM
dem-4187	75	2	+	+	PROPN
dem-4187	75	3	tc	tc	NUM
dem-4187	75	4	c	c	NOUN
dem-4187	75	5	x	x	PUNCT
dem-4187	75	6	market	market	NOUN
dem-4187	75	7	microstr	microstr	NOUN
dem-4187	75	8	the	the	DET
dem-4187	75	9	stock	stock	NOUN
dem-4187	75	10	ex	ex	PRON
dem-4187	75	11	lace	lace	NOUN
dem-4187	75	12	,	,	PUNCT
dem-4187	75	13	we	we	PRON
dem-4187	75	14	show	show	VERB
dem-4187	75	15	ns	ns	ADP
dem-4187	75	16	the	the	DET
dem-4187	75	17	inform	inform	NOUN
dem-4187	75	18	es	es	NOUN
dem-4187	75	19	.	.	PUNCT
dem-4187	76	1	the	the	DET
dem-4187	76	2	plot	plot	NOUN
dem-4187	76	3	of	of	ADP
dem-4187	76	4	pekao	pekao	PROPN
dem-4187	76	5	s.a	s.a	PROPN
dem-4187	76	6	.	.	PROPN
dem-4187	76	7	lts	lts	PROPN
dem-4187	76	8	presented	present	VERB
dem-4187	76	9	a	a	DET
dem-4187	76	10	amental	amental	ADJ
dem-4187	76	11	price	price	NOUN
dem-4187	76	12	or	or	CCONJ
dem-4187	76	13	each	each	DET
dem-4187	76	14	cons	con	NOUN
dem-4187	76	15	ealized	ealize	VERB
dem-4187	76	16	volat	volat	ADJ
dem-4187	76	17	nsr	nsr	PROPN
dem-4187	76	18	)	)	PUNCT
dem-4187	76	19	from	from	ADP
dem-4187	76	20	th	th	NUM
dem-4187	76	21	.	.	PUNCT
dem-4187	76	22	)	)	PUNCT
dem-4187	77	1	gnal	gnal	ADJ
dem-4187	77	2	oise	oise	PROPN
dem-4187	77	3	)	)	PUNCT
dem-4187	77	4	atio	atio	PROPN
dem-4187	77	5	is	be	AUX
dem-4187	77	6	a	a	DET
dem-4187	77	7	mea	mea	NOUN
dem-4187	77	8	rved	rve	VERB
dem-4187	77	9	signal	signal	NOUN
dem-4187	77	10	h	h	NOUN
dem-4187	77	11	s	s	AUX
dem-4187	77	12	often	often	ADV
dem-4187	77	13	used	use	VERB
dem-4187	77	14	n	n	CCONJ
dem-4187	77	15	some	some	DET
dem-4187	77	16	sense	sense	NOUN
dem-4187	77	17	the	the	DET
dem-4187	77	18	investiga	investiga	ADJ
dem-4187	77	19	liquidity	liquidity	NOUN
dem-4187	77	20	.	.	PUNCT
dem-4187	78	1	t	t	PROPN
dem-4187	78	2	the	the	DET
dem-4187	78	3	first	first	ADJ
dem-4187	78	4	one	one	NUM
dem-4187	78	5	,	,	PUNCT
dem-4187	78	6	ν+	ν+	PROPN
dem-4187	78	7	t	t	PROPN
dem-4187	78	8	ructure	ructure	NOUN
dem-4187	78	9	noise	noise	NOUN
dem-4187	78	10	:	:	PUNCT
dem-4187	78	11	change	change	NOUN
dem-4187	78	12	and	and	CCONJ
dem-4187	78	13	w	w	ADP
dem-4187	78	14	here	here	ADV
dem-4187	78	15	only	only	ADV
dem-4187	78	16	mation	mation	NOUN
dem-4187	78	17	about	about	ADP
dem-4187	78	18	showing	show	VERB
dem-4187	78	19	the	the	DET
dem-4187	78	20	.	.	PUNCT
dem-4187	78	21	period	period	NOUN
dem-4187	78	22	:	:	PUNCT
dem-4187	78	23	augu	augu	NOUN
dem-4187	78	24	analysis	analysis	NOUN
dem-4187	78	25	are	be	AUX
dem-4187	78	26	e	e	NOUN
dem-4187	78	27	process	process	NOUN
dem-4187	78	28	tx	tx	PROPN
dem-4187	78	29	idered	idere	VERB
dem-4187	78	30	day	day	NOUN
dem-4187	78	31	t	t	PROPN
dem-4187	78	32	ility	ility	PROPN
dem-4187	78	33	estimat	estimat	PROPN
dem-4187	78	34	he	he	PRON
dem-4187	78	35	following	follow	VERB
dem-4187	78	36	asure	asure	VERB
dem-4187	78	37	commo	commo	NOUN
dem-4187	78	38	has	have	AUX
dem-4187	78	39	been	be	AUX
dem-4187	78	40	cor	cor	PROPN
dem-4187	78	41	d	d	NOUN
dem-4187	78	42	as	as	ADP
dem-4187	78	43	a	a	DET
dem-4187	78	44	mark	mark	NOUN
dem-4187	78	45	e	e	NOUN
dem-4187	78	46	it	it	PRON
dem-4187	78	47	allows	allow	VERB
dem-4187	78	48	to	to	PART
dem-4187	78	49	ation	ation	PROPN
dem-4187	78	50	deals	deal	NOUN
dem-4187	78	51	w	w	NOUN
dem-4187	78	52	o	o	NOUN
dem-4187	78	53	determine	determine	NOUN
dem-4187	78	54	e	e	NOUN
dem-4187	78	55	is	be	AUX
dem-4187	78	56	of	of	ADP
dem-4187	78	57	the	the	PRON
dem-4187	78	58	for	for	ADP
dem-4187	78	59	evidence	evidence	NOUN
dem-4187	78	60	from	from	ADP
dem-4187	78	61	its	its	PRON
dem-4187	78	62	opening	opening	NOUN
dem-4187	78	63	n	n	CCONJ
dem-4187	78	64	the	the	DET
dem-4187	78	65	results	result	NOUN
dem-4187	78	66	fo	fo	ADP
dem-4187	78	67	the	the	DET
dem-4187	78	68	number	number	NOUN
dem-4187	78	69	e	e	NOUN
dem-4187	78	70	dynamics	dynamic	NOUN
dem-4187	78	71	o	o	X
dem-4187	78	72	ust	ust	PROPN
dem-4187	78	73	8	8	NUM
dem-4187	78	74	,	,	PUNCT
dem-4187	78	75	2006	2006	NUM
dem-4187	78	76	to	to	ADP
dem-4187	78	77	as	as	SCONJ
dem-4187	78	78	follows	follow	VERB
dem-4187	78	79	.	.	PUNCT
dem-4187	79	1	and	and	CCONJ
dem-4187	79	2	the	the	DET
dem-4187	79	3	var	var	NOUN
dem-4187	79	4	t.	t.	PROPN
dem-4187	79	5	to	to	ADP
dem-4187	79	6	evalua	evalua	NOUN
dem-4187	79	7	tes	tes	NOUN
dem-4187	79	8	we	we	PRON
dem-4187	79	9	calcu	calcu	VERB
dem-4187	79	10	g	g	NOUN
dem-4187	79	11	formula	formula	NOUN
dem-4187	79	12	only	only	ADV
dem-4187	79	13	used	use	VERB
dem-4187	79	14	in	in	ADP
dem-4187	79	15	rrupted	rrupte	VERB
dem-4187	79	16	by	by	ADP
dem-4187	79	17	no	no	DET
dem-4187	79	18	ket	ket	NOUN
dem-4187	79	19	quality	quality	NOUN
dem-4187	79	20	m	m	PROPN
dem-4187	79	21	o	o	NOUN
dem-4187	79	22	evaluate	evaluate	NOUN
dem-4187	79	23	th	th	X
dem-4187	79	24	with	with	ADP
dem-4187	79	25	depende	depende	PROPN
dem-4187	79	26	the	the	DET
dem-4187	79	27	possible	possible	ADJ
dem-4187	79	28	rm	rm	NOUN
dem-4187	79	29	the	the	DET
dem-4187	79	30	pekao	pekao	PROPN
dem-4187	79	31	data	datum	NOUN
dem-4187	79	32	next	next	ADJ
dem-4187	79	33	day	day	NOUN
dem-4187	79	34	is	be	AUX
dem-4187	79	35	c	c	NOUN
dem-4187	79	36	or	or	CCONJ
dem-4187	79	37	5	5	NUM
dem-4187	79	38	and	and	CCONJ
dem-4187	79	39	10	10	NUM
dem-4187	79	40	m	m	NOUN
dem-4187	79	41	of	of	ADP
dem-4187	79	42	observati	observati	NOUN
dem-4187	79	43	of	of	ADP
dem-4187	79	44	daily	daily	ADJ
dem-4187	79	45	retur	retur	PROPN
dem-4187	79	46	february	february	PROPN
dem-4187	79	47	13	13	NUM
dem-4187	79	48	,	,	PUNCT
dem-4187	79	49	first	first	ADV
dem-4187	79	50	we	we	PRON
dem-4187	79	51	est	est	VERB
dem-4187	79	52	riance	riance	NOUN
dem-4187	79	53	ta	ta	PROPN
dem-4187	79	54	of	of	ADP
dem-4187	79	55	t	t	PROPN
dem-4187	79	56	ate	eat	VERB
dem-4187	79	57	the	the	DET
dem-4187	79	58	partiti	partiti	PROPN
dem-4187	79	59	ulate	ulate	NOUN
dem-4187	79	60	for	for	ADP
dem-4187	79	61	eac	eac	PROPN
dem-4187	79	62	science	science	NOUN
dem-4187	79	63	to	to	ADP
dem-4187	79	64	q	q	PROPN
dem-4187	79	65	oise	oise	PROPN
dem-4187	79	66	.	.	PUNCT
dem-4187	80	1	in	in	ADP
dem-4187	80	2	mark	mark	PROPN
dem-4187	80	3	measure	measure	NOUN
dem-4187	80	4	(	(	PUNCT
dem-4187	80	5	aï	aï	ADV
dem-4187	80	6	he	he	PRON
dem-4187	80	7	level	level	NOUN
dem-4187	80	8	of	of	ADP
dem-4187	80	9	t	t	PROPN
dem-4187	80	10	ence	ence	NOUN
dem-4187	80	11	of	of	ADP
dem-4187	80	12	the	the	DET
dem-4187	80	13	m	m	PROPN
dem-4187	80	14	e	e	NOUN
dem-4187	80	15	linkages	linkage	NOUN
dem-4187	80	16	w	w	ADP
dem-4187	80	17	a	a	DET
dem-4187	80	18	9	9	NUM
dem-4187	80	19	considered	consider	VERB
dem-4187	80	20	minute	minute	NOUN
dem-4187	80	21	reions	reion	NOUN
dem-4187	80	22	in	in	ADP
dem-4187	80	23	the	the	DET
dem-4187	80	24	rns	rn	NOUN
dem-4187	80	25	is	be	AUX
dem-4187	80	26	pre	pre	X
dem-4187	80	27	2009	2009	NUM
dem-4187	80	28	timate	timate	NOUN
dem-4187	80	29	the	the	DET
dem-4187	80	30	the	the	DET
dem-4187	80	31	microion	microion	NOUN
dem-4187	80	32	of	of	ADP
dem-4187	80	33	the	the	DET
dem-4187	80	34	ch	ch	NOUN
dem-4187	80	35	day	day	NOUN
dem-4187	80	36	the	the	DET
dem-4187	80	37	(	(	PUNCT
dem-4187	80	38	10	10	NUM
dem-4187	80	39	)	)	PUNCT
dem-4187	80	40	quantify	quantify	ADJ
dem-4187	80	41	to	to	ADP
dem-4187	80	42	ket	ket	NOUN
dem-4187	80	43	microït	microït	NOUN
dem-4187	80	44	-	-	PUNCT
dem-4187	80	45	sahalia	sahalia	PROPN
dem-4187	80	46	,	,	PUNCT
dem-4187	80	47	the	the	DET
dem-4187	80	48	market	market	NOUN
dem-4187	80	49	market	market	NOUN
dem-4187	80	50	miwe	miwe	NOUN
dem-4187	80	51	run	run	VERB
dem-4187	80	52	two	two	NUM
dem-4187	80	53	(	(	PUNCT
dem-4187	80	54	11	11	NUM
dem-4187	80	55	)	)	SYM
dem-4187	80	56	10	10	NUM
dem-4187	80	57	and	and	CCONJ
dem-4187	80	58	captu	captu	ADJ
dem-4187	80	59	variance	variance	NOUN
dem-4187	80	60	ns	ns	NUM
dem-4187	80	61	allows	allow	VERB
dem-4187	80	62	us	we	PRON
dem-4187	80	63	quidity	quidity	NOUN
dem-4187	80	64	.	.	PUNCT
dem-4187	81	1	t	t	PROPN
dem-4187	81	2	(	(	PUNCT
dem-4187	81	3	v	v	NOUN
dem-4187	81	4	)	)	PUNCT
dem-4187	81	5	,	,	PUNCT
dem-4187	81	6	the	the	DET
dem-4187	81	7	d	d	NOUN
dem-4187	81	8	during	during	ADP
dem-4187	81	9	a	a	DET
dem-4187	81	10	d	d	NOUN
dem-4187	81	11	the	the	DET
dem-4187	81	12	e	e	NOUN
dem-4187	81	13	presented	present	VERB
dem-4187	81	14	contains	contain	VERB
dem-4187	81	15	m	m	NOUN
dem-4187	81	16	noise	noise	NOUN
dem-4187	81	17	and	and	CCONJ
dem-4187	81	18	5	5	NUM
dem-4187	81	19	minute	minute	NOUN
dem-4187	81	20	result	result	NOUN
dem-4187	81	21	is	be	AUX
dem-4187	81	22	s	s	PROPN
dem-4187	81	23	2009	2009	NUM
dem-4187	81	24	)	)	PUNCT
dem-4187	81	25	.	.	PUNCT
dem-4187	82	1	table	table	NOUN
dem-4187	82	2	2	2	NUM
dem-4187	82	3	.	.	PUNCT
dem-4187	83	1	m	m	AUX
dem-4187	83	2	ta	ta	ADP
dem-4187	83	3	tσ	tσ	PROPN
dem-4187	83	4	nsr	nsr	PROPN
dem-4187	83	5	figure	figure	NOUN
dem-4187	83	6	2	2	NUM
dem-4187	83	7	.	.	NUM
dem-4187	83	8	ures	ure	NOUN
dem-4187	83	9	the	the	DET
dem-4187	83	10	imp	imp	PROPN
dem-4187	83	11	ta	ta	PROPN
dem-4187	83	12	.	.	PUNCT
dem-4187	84	1	the	the	DET
dem-4187	84	2	seco	seco	PROPN
dem-4187	84	3	0	0	PROPN
dem-4187	84	4	1sr	1sr	NOUN
dem-4187	84	5	=	=	PUNCT
dem-4187	85	1	+	+	NOUN
dem-4187	85	2	t	t	X
dem-4187	85	3	c	c	NOUN
dem-4187	85	4	c	c	NOUN
dem-4187	85	5	x	x	SYM
dem-4187	85	6	s	s	VERB
dem-4187	85	7	to	to	PART
dem-4187	85	8	establish	establish	VERB
dem-4187	85	9	the	the	DET
dem-4187	85	10	consider	consider	NOUN
dem-4187	85	11	daily	daily	ADV
dem-4187	85	12	mean	mean	VERB
dem-4187	85	13	tr	tr	VERB
dem-4187	85	14	day	day	NOUN
dem-4187	85	15	(	(	PUNCT
dem-4187	85	16	dtn	dtn	PROPN
dem-4187	85	17	)	)	PUNCT
dem-4187	85	18	.	.	PUNCT
dem-4187	86	1	estimates	estimate	NOUN
dem-4187	86	2	of	of	ADP
dem-4187	86	3	t	t	PROPN
dem-4187	86	4	d	d	PROPN
dem-4187	86	5	in	in	ADP
dem-4187	86	6	figure	figure	NOUN
dem-4187	86	7	2	2	NUM
dem-4187	86	8	mean	mean	NOUN
dem-4187	86	9	values	value	NOUN
dem-4187	86	10	d	d	AUX
dem-4187	86	11	noise	noise	NOUN
dem-4187	86	12	to	to	ADP
dem-4187	86	13	si	si	NOUN
dem-4187	86	14	returns	return	NOUN
dem-4187	86	15	.	.	PUNCT
dem-4187	87	1	the	the	DET
dem-4187	87	2	similar	similar	ADJ
dem-4187	87	3	to	to	ADP
dem-4187	87	4	th	th	X
dem-4187	87	5	mean	mean	VERB
dem-4187	87	6	and	and	CCONJ
dem-4187	87	7	stand	stand	VERB
dem-4187	87	8	the	the	DET
dem-4187	87	9	realized	realize	VERB
dem-4187	87	10	(	(	PUNCT
dem-4187	87	11	black	black	ADJ
dem-4187	87	12	line	line	NOUN
dem-4187	87	13	)	)	PUNCT
dem-4187	87	14	r	r	NOUN
dem-4187	87	15	m	m	NOUN
dem-4187	87	16	act	act	NOUN
dem-4187	87	17	of	of	ADP
dem-4187	87	18	liquid	liquid	ADJ
dem-4187	87	19	ond	ond	NOUN
dem-4187	87	20	one	one	NUM
dem-4187	87	21	,	,	PUNCT
dem-4187	87	22	1	1	NUM
dem-4187	87	23	,	,	PUNCT
dem-4187	87	24	ν−	ν−	PROPN
dem-4187	88	1	+	+	PROPN
dem-4187	88	2	t	t	X
dem-4187	88	3	tx	tx	PROPN
dem-4187	88	4	h	h	PROPN
dem-4187	88	5	the	the	DET
dem-4187	88	6	connec	connec	PROPN
dem-4187	88	7	red	red	PROPN
dem-4187	88	8	liquidity	liquidity	PROPN
dem-4187	88	9	ransaction	ransaction	PROPN
dem-4187	88	10	vo	vo	X
dem-4187	88	11	the	the	DET
dem-4187	88	12	realized	realize	VERB
dem-4187	88	13	v	v	NOUN
dem-4187	88	14	.	.	PUNCT
dem-4187	89	1	figure	figure	NOUN
dem-4187	89	2	3	3	NUM
dem-4187	89	3	sh	sh	NOUN
dem-4187	89	4	and	and	CCONJ
dem-4187	89	5	standar	standar	PROPN
dem-4187	89	6	ignal	ignal	ADJ
dem-4187	89	7	ratio	ratio	NOUN
dem-4187	89	8	.	.	PUNCT
dem-4187	90	1	e	e	NOUN
dem-4187	90	2	mean	mean	ADJ
dem-4187	90	3	level	level	NOUN
dem-4187	90	4	hat	hat	NOUN
dem-4187	90	5	observed	observe	VERB
dem-4187	90	6	dard	dard	NOUN
dem-4187	90	7	deviation	deviation	NOUN
dem-4187	90	8	frequency	frequency	NOUN
dem-4187	90	9	mean	mean	NOUN
dem-4187	90	10	standard	standard	ADJ
dem-4187	90	11	devia	devia	PROPN
dem-4187	90	12	mean	mean	PROPN
dem-4187	90	13	standard	standard	PROPN
dem-4187	90	14	devia	devia	PROPN
dem-4187	90	15	mean	mean	PROPN
dem-4187	90	16	standard	standard	PROPN
dem-4187	90	17	devia	devia	PROPN
dem-4187	90	18	d	d	PROPN
dem-4187	90	19	volatility	volatility	PROPN
dem-4187	90	20	esti	esti	PROPN
dem-4187	90	21	returns	return	VERB
dem-4187	90	22	małgorzata	małgorzata	PROPN
dem-4187	90	23	dom	dom	NOUN
dem-4187	90	24	dity	dity	NOUN
dem-4187	90	25	(	(	PUNCT
dem-4187	90	26	measure	measure	NOUN
dem-4187	90	27	ctions	ction	NOUN
dem-4187	90	28	betwee	betwee	NOUN
dem-4187	90	29	measures	measure	NOUN
dem-4187	90	30	ar	ar	PROPN
dem-4187	90	31	olume	olume	PROPN
dem-4187	90	32	(	(	PUNCT
dem-4187	90	33	dmt	dmt	PROPN
dem-4187	90	34	volatility	volatility	NOUN
dem-4187	90	35	bas	bas	PROPN
dem-4187	90	36	how	how	SCONJ
dem-4187	90	37	s	s	AUX
dem-4187	90	38	the	the	DET
dem-4187	90	39	plo	plo	PROPN
dem-4187	90	40	rd	rd	PROPN
dem-4187	90	41	deviations	deviation	NOUN
dem-4187	90	42	the	the	DET
dem-4187	90	43	lowest	low	ADJ
dem-4187	90	44	l	l	NOUN
dem-4187	90	45	of	of	ADP
dem-4187	90	46	noise	noise	NOUN
dem-4187	90	47	to	to	ADP
dem-4187	90	48	in	in	ADP
dem-4187	90	49	develope	develope	NOUN
dem-4187	90	50	n	n	PRON
dem-4187	90	51	of	of	ADP
dem-4187	90	52	noise	noise	NOUN
dem-4187	90	53	and	and	CCONJ
dem-4187	90	54	y	y	PROPN
dem-4187	90	55	ation	ation	PROPN
dem-4187	90	56	ation	ation	PROPN
dem-4187	90	57	ation	ation	PROPN
dem-4187	90	58	imates	imate	VERB
dem-4187	90	59	based	base	VERB
dem-4187	90	60	man	man	NOUN
dem-4187	90	61	ed	ed	NOUN
dem-4187	90	62	by	by	ADP
dem-4187	90	63	a	a	DET
dem-4187	90	64	vari	vari	X
dem-4187	90	65	en	en	ADP
dem-4187	90	66	the	the	DET
dem-4187	90	67	noise	noise	NOUN
dem-4187	90	68	re	re	ADP
dem-4187	90	69	logarithm	logarithm	PROPN
dem-4187	90	70	tv	tv	PROPN
dem-4187	90	71	)	)	PUNCT
dem-4187	90	72	,	,	PUNCT
dem-4187	90	73	and	and	CCONJ
dem-4187	90	74	the	the	DET
dem-4187	90	75	n	n	NOUN
dem-4187	90	76	sed	se	VERB
dem-4187	90	77	on	on	ADP
dem-4187	90	78	5	5	NUM
dem-4187	90	79	and	and	CCONJ
dem-4187	90	80	ot	ot	INTJ
dem-4187	90	81	of	of	ADP
dem-4187	90	82	corresp	corresp	NOUN
dem-4187	90	83	of	of	ADP
dem-4187	90	84	the	the	DET
dem-4187	90	85	daily	daily	ADJ
dem-4187	90	86	t	t	PROPN
dem-4187	90	87	values	value	NOUN
dem-4187	90	88	of	of	ADP
dem-4187	90	89	n	n	PRON
dem-4187	90	90	signal	signal	NOUN
dem-4187	90	91	ratio	ratio	NOUN
dem-4187	90	92	ed	ed	PROPN
dem-4187	90	93	stock	stock	PROPN
dem-4187	90	94	mar	mar	PROPN
dem-4187	90	95	d	d	PROPN
dem-4187	90	96	realized	realize	VERB
dem-4187	90	97	vola	vola	PROPN
dem-4187	90	98	5	5	NUM
dem-4187	90	99	min	min	NOUN
dem-4187	90	100	0.1123	0.1123	NUM
dem-4187	90	101	0.0953	0.0953	NUM
dem-4187	90	102	2.4584	2.4584	NUM
dem-4187	90	103	1.4047	1.4047	NUM
dem-4187	90	104	0.3381	0.3381	NUM
dem-4187	90	105	0.2784	0.2784	NUM
dem-4187	90	106	on	on	ADP
dem-4187	90	107	10	10	NUM
dem-4187	90	108	minute	minute	NOUN
dem-4187	90	109	iable	iable	ADJ
dem-4187	90	110	tx	tx	PROPN
dem-4187	90	111	)	)	PUNCT
dem-4187	90	112	on	on	ADP
dem-4187	90	113	to	to	PART
dem-4187	90	114	signal	signal	VERB
dem-4187	90	115	rat	rat	NOUN
dem-4187	90	116	ms	ms	NOUN
dem-4187	90	117	of	of	ADP
dem-4187	90	118	the	the	DET
dem-4187	90	119	dail	dail	NOUN
dem-4187	90	120	number	number	NOUN
dem-4187	90	121	of	of	ADP
dem-4187	90	122	tra	tra	PROPN
dem-4187	91	1	d	d	PROPN
dem-4187	91	2	10	10	NUM
dem-4187	91	3	minute	minute	NOUN
dem-4187	91	4	r	r	NOUN
dem-4187	91	5	ponding	ponde	VERB
dem-4187	91	6	nois	nois	PROPN
dem-4187	91	7	y	y	PROPN
dem-4187	91	8	volatility	volatility	NOUN
dem-4187	91	9	,	,	PUNCT
dem-4187	91	10	v	v	PRON
dem-4187	91	11	noise	noise	NOUN
dem-4187	91	12	are	be	AUX
dem-4187	91	13	ob	ob	ADJ
dem-4187	91	14	is	be	AUX
dem-4187	91	15	about	about	ADV
dem-4187	91	16	3/1	3/1	NUM
dem-4187	91	17	rkets	rket	NOUN
dem-4187	91	18	(	(	PUNCT
dem-4187	91	19	aït	aït	PROPN
dem-4187	91	20	-	-	PUNCT
dem-4187	91	21	sa	sa	NOUN
dem-4187	91	22	atility	atility	NOUN
dem-4187	91	23	1	1	NUM
dem-4187	91	24	3	3	NUM
dem-4187	91	25	0	0	NUM
dem-4187	91	26	3	3	NUM
dem-4187	91	27	0	0	NUM
dem-4187	91	28	4	4	NUM
dem-4187	91	29	2	2	NUM
dem-4187	91	30	7	7	NUM
dem-4187	91	31	1	1	NUM
dem-4187	91	32	1	1	NUM
dem-4187	91	33	0	0	NUM
dem-4187	91	34	4	4	NUM
dem-4187	91	35	0	0	NUM
dem-4187	91	36	(	(	PUNCT
dem-4187	91	37	grey	grey	ADJ
dem-4187	91	38	line	line	NOUN
dem-4187	91	39	)	)	PUNCT
dem-4187	91	40	an	an	DET
dem-4187	91	41	n	n	CCONJ
dem-4187	91	42	the	the	DET
dem-4187	91	43	noise	noise	NOUN
dem-4187	91	44	(	(	PUNCT
dem-4187	91	45	12	12	NUM
dem-4187	91	46	)	)	PUNCT
dem-4187	91	47	tio	tio	NOUN
dem-4187	91	48	and	and	CCONJ
dem-4187	91	49	lily	lily	ADJ
dem-4187	91	50	volume	volume	NOUN
dem-4187	91	51	ansactions	ansaction	NOUN
dem-4187	91	52	returns	return	NOUN
dem-4187	91	53	are	be	AUX
dem-4187	91	54	e.	e.	PROPN
dem-4187	91	55	table	table	PROPN
dem-4187	91	56	2	2	NUM
dem-4187	91	57	variance	variance	NOUN
dem-4187	91	58	of	of	ADP
dem-4187	91	59	btained	btaine	VERB
dem-4187	91	60	for	for	ADP
dem-4187	91	61	3	3	NUM
dem-4187	91	62	and	and	CCONJ
dem-4187	91	63	this	this	DET
dem-4187	91	64	ahalia	ahalia	PROPN
dem-4187	91	65	,	,	PUNCT
dem-4187	91	66	yu	yu	PROPN
dem-4187	91	67	,	,	PUNCT
dem-4187	91	68	10	10	NUM
dem-4187	91	69	min	min	NOUN
dem-4187	91	70	0.1468	0.1468	NUM
dem-4187	91	71	0.1408	0.1408	NUM
dem-4187	91	72	2.2690	2.2690	NUM
dem-4187	91	73	1.3096	1.3096	NUM
dem-4187	91	74	0.3314	0.3314	NUM
dem-4187	91	75	0.2977	0.2977	NUM
dem-4187	91	76	nd	nd	NUM
dem-4187	91	77	5	5	NUM
dem-4187	91	78	minute	minute	NOUN
dem-4187	91	79	liquidity	liquidity	NOUN
dem-4187	91	80	and	and	CCONJ
dem-4187	91	81	market	market	NOUN
dem-4187	91	82	microstructure	microstructure	NOUN
dem-4187	91	83	noise	noise	NOUN
dem-4187	91	84	:	:	PUNCT
dem-4187	91	85	evidence	evidence	NOUN
dem-4187	91	86	from	from	ADP
dem-4187	91	87	the	the	DET
dem-4187	91	88	pekao	pekao	ADJ
dem-4187	91	89	data	data	NOUN
dem-4187	91	90	11	11	NUM
dem-4187	91	91	figure	figure	NOUN
dem-4187	91	92	3	3	NUM
dem-4187	91	93	.	.	PUNCT
dem-4187	92	1	the	the	DET
dem-4187	92	2	market	market	NOUN
dem-4187	92	3	microstructure	microstructure	NOUN
dem-4187	92	4	noise	noise	NOUN
dem-4187	92	5	estimates	estimate	NOUN
dem-4187	92	6	for	for	ADP
dem-4187	92	7	the	the	DET
dem-4187	92	8	realized	realize	VERB
dem-4187	92	9	volatility	volatility	NOUN
dem-4187	92	10	estimates	estimate	NOUN
dem-4187	92	11	based	base	VERB
dem-4187	92	12	on	on	ADP
dem-4187	92	13	10	10	NUM
dem-4187	92	14	minute	minute	NOUN
dem-4187	92	15	(	(	PUNCT
dem-4187	92	16	grey	grey	ADJ
dem-4187	92	17	line	line	NOUN
dem-4187	92	18	)	)	PUNCT
dem-4187	92	19	and	and	CCONJ
dem-4187	92	20	5	5	NUM
dem-4187	92	21	minute	minute	NOUN
dem-4187	92	22	(	(	PUNCT
dem-4187	92	23	black	black	ADJ
dem-4187	92	24	line	line	NOUN
dem-4187	92	25	)	)	PUNCT
dem-4187	92	26	returns	return	VERB
dem-4187	92	27	the	the	DET
dem-4187	92	28	results	result	NOUN
dem-4187	92	29	of	of	ADP
dem-4187	92	30	analysis	analysis	NOUN
dem-4187	92	31	on	on	ADP
dem-4187	92	32	the	the	DET
dem-4187	92	33	connections	connection	NOUN
dem-4187	92	34	between	between	ADP
dem-4187	92	35	the	the	DET
dem-4187	92	36	microstructure	microstructure	ADJ
dem-4187	92	37	noise	noise	NOUN
dem-4187	92	38	and	and	CCONJ
dem-4187	92	39	liquidity	liquidity	NOUN
dem-4187	92	40	are	be	AUX
dem-4187	92	41	presented	present	VERB
dem-4187	92	42	in	in	ADP
dem-4187	92	43	table	table	NOUN
dem-4187	92	44	3	3	NUM
dem-4187	92	45	.	.	PUNCT
dem-4187	92	46	table	table	NOUN
dem-4187	92	47	3	3	NUM
dem-4187	92	48	.	.	PUNCT
dem-4187	93	1	parameter	parameter	NOUN
dem-4187	93	2	estimates	estimate	NOUN
dem-4187	93	3	for	for	ADP
dem-4187	93	4	regressions	regression	NOUN
dem-4187	93	5	(	(	PUNCT
dem-4187	93	6	11	11	NUM
dem-4187	93	7	)	)	PUNCT
dem-4187	93	8	and	and	CCONJ
dem-4187	93	9	(	(	PUNCT
dem-4187	93	10	12	12	NUM
dem-4187	93	11	)	)	PUNCT
dem-4187	94	1	ta	ta	X
dem-4187	94	2	explanatory	explanatory	ADJ
dem-4187	94	3	variable	variable	ADJ
dem-4187	94	4	5	5	NUM
dem-4187	94	5	min	min	NOUN
dem-4187	94	6	10	10	NUM
dem-4187	94	7	min	min	NOUN
dem-4187	94	8	1c	1c	NOUN
dem-4187	94	9	2r	2r	NUM
dem-4187	94	10	1c	1c	NOUN
dem-4187	94	11	2r	2r	NUM
dem-4187	94	12	log(dnt	log(dnt	NOUN
dem-4187	94	13	)	)	PUNCT
dem-4187	95	1	0.012	0.012	NUM
dem-4187	95	2	(	(	PUNCT
dem-4187	95	3	0.008	0.008	NUM
dem-4187	95	4	)	)	PUNCT
dem-4187	95	5	0.01	0.01	NUM
dem-4187	95	6	0.042	0.042	NUM
dem-4187	95	7	(	(	PUNCT
dem-4187	95	8	0.011	0.011	NUM
dem-4187	95	9	)	)	PUNCT
dem-4187	95	10	0.03	0.03	NUM
dem-4187	95	11	log(mdtv	log(mdtv	X
dem-4187	95	12	)	)	PUNCT
dem-4187	95	13	-0.005	-0.005	PUNCT
dem-4187	95	14	(	(	PUNCT
dem-4187	95	15	0.009	0.009	NUM
dem-4187	95	16	)	)	PUNCT
dem-4187	95	17	0.004	0.004	NUM
dem-4187	95	18	0.004	0.004	NUM
dem-4187	95	19	(	(	PUNCT
dem-4187	95	20	0.0129	0.0129	NUM
dem-4187	95	21	)	)	PUNCT
dem-4187	95	22	0.001	0.001	NUM
dem-4187	95	23	log(v	log(v	PROPN
dem-4187	95	24	)	)	PUNCT
dem-4187	95	25	0.006	0.006	NUM
dem-4187	95	26	(	(	PUNCT
dem-4187	95	27	0.006	0.006	NUM
dem-4187	95	28	)	)	PUNCT
dem-4187	95	29	0.002	0.002	NUM
dem-4187	95	30	0.0278	0.0278	NUM
dem-4187	95	31	(	(	PUNCT
dem-4187	95	32	0.008	0.008	NUM
dem-4187	95	33	)	)	PUNCT
dem-4187	95	34	0.02	0.02	NUM
dem-4187	95	35	nsr	nsr	PROPN
dem-4187	95	36	explanatory	explanatory	ADJ
dem-4187	95	37	variable	variable	ADJ
dem-4187	95	38	5	5	NUM
dem-4187	95	39	min	min	NOUN
dem-4187	95	40	10	10	NUM
dem-4187	95	41	min	min	NOUN
dem-4187	95	42	1c	1c	NOUN
dem-4187	95	43	2r	2r	NUM
dem-4187	95	44	1c	1c	NOUN
dem-4187	95	45	2r	2r	NUM
dem-4187	95	46	log(dnt	log(dnt	NOUN
dem-4187	95	47	)	)	PUNCT
dem-4187	95	48	-0.095	-0.095	NUM
dem-4187	95	49	(	(	PUNCT
dem-4187	95	50	0.019	0.019	NUM
dem-4187	95	51	)	)	PUNCT
dem-4187	95	52	0.1	0.1	NUM
dem-4187	95	53	-0.066	-0.066	PUNCT
dem-4187	95	54	(	(	PUNCT
dem-4187	95	55	0.021	0.021	NUM
dem-4187	95	56	)	)	PUNCT
dem-4187	95	57	0.02	0.02	NUM
dem-4187	95	58	log(mvtd	log(mvtd	ADJ
dem-4187	95	59	)	)	PUNCT
dem-4187	95	60	-0.037	-0.037	PUNCT
dem-4187	95	61	(	(	PUNCT
dem-4187	95	62	0.028	0.028	NUM
dem-4187	95	63	)	)	PUNCT
dem-4187	95	64	0.03	0.03	NUM
dem-4187	95	65	0.017	0.017	NUM
dem-4187	95	66	(	(	PUNCT
dem-4187	95	67	0.030	0.030	NUM
dem-4187	95	68	)	)	PUNCT
dem-4187	95	69	0.0005	0.0005	NUM
dem-4187	95	70	log(v	log(v	NOUN
dem-4187	95	71	)	)	PUNCT
dem-4187	95	72	-0.072	-0.072	NOUN
dem-4187	95	73	(	(	PUNCT
dem-4187	95	74	0.015	0.015	NUM
dem-4187	95	75	)	)	PUNCT
dem-4187	95	76	0.03	0.03	NUM
dem-4187	95	77	-0.037	-0.037	SYM
dem-4187	95	78	(	(	PUNCT
dem-4187	95	79	0.016	0.016	NUM
dem-4187	95	80	)	)	PUNCT
dem-4187	95	81	0.01	0.01	NUM
dem-4187	95	82	surprisingly	surprisingly	ADV
dem-4187	95	83	,	,	PUNCT
dem-4187	95	84	the	the	DET
dem-4187	95	85	obtained	obtain	VERB
dem-4187	95	86	estimates	estimate	NOUN
dem-4187	95	87	show	show	VERB
dem-4187	95	88	rather	rather	ADV
dem-4187	95	89	weak	weak	ADJ
dem-4187	95	90	connections	connection	NOUN
dem-4187	95	91	between	between	ADP
dem-4187	95	92	the	the	DET
dem-4187	95	93	both	both	DET
dem-4187	95	94	measures	measure	NOUN
dem-4187	95	95	of	of	ADP
dem-4187	95	96	the	the	DET
dem-4187	95	97	noise	noise	NOUN
dem-4187	95	98	level	level	NOUN
dem-4187	95	99	and	and	CCONJ
dem-4187	95	100	the	the	DET
dem-4187	95	101	considered	consider	VERB
dem-4187	95	102	liquidity	liquidity	NOUN
dem-4187	95	103	measures	measure	NOUN
dem-4187	95	104	.	.	PUNCT
dem-4187	96	1	in	in	ADP
dem-4187	96	2	the	the	DET
dem-4187	96	3	case	case	NOUN
dem-4187	96	4	of	of	ADP
dem-4187	96	5	10	10	NUM
dem-4187	96	6	minute	minute	NOUN
dem-4187	96	7	returns	return	NOUN
dem-4187	96	8	there	there	ADV
dem-4187	96	9	exists	exist	VERB
dem-4187	96	10	a	a	DET
dem-4187	96	11	positive	positive	ADJ
dem-4187	96	12	and	and	CCONJ
dem-4187	96	13	significant	significant	ADJ
dem-4187	96	14	,	,	PUNCT
dem-4187	96	15	though	though	SCONJ
dem-4187	96	16	not	not	PART
dem-4187	96	17	very	very	ADV
dem-4187	96	18	strong	strong	ADJ
dem-4187	96	19	,	,	PUNCT
dem-4187	96	20	dependence	dependence	NOUN
dem-4187	96	21	of	of	ADP
dem-4187	96	22	the	the	DET
dem-4187	96	23	strength	strength	NOUN
dem-4187	96	24	of	of	ADP
dem-4187	96	25	noise	noise	NOUN
dem-4187	96	26	and	and	CCONJ
dem-4187	96	27	the	the	DET
dem-4187	96	28	number	number	NOUN
dem-4187	96	29	of	of	ADP
dem-4187	96	30	transactions	transaction	NOUN
dem-4187	96	31	during	during	ADP
dem-4187	96	32	a	a	DET
dem-4187	96	33	day	day	NOUN
dem-4187	96	34	,	,	PUNCT
dem-4187	96	35	and	and	CCONJ
dem-4187	96	36	the	the	DET
dem-4187	96	37	transaction	transaction	NOUN
dem-4187	96	38	volume	volume	NOUN
dem-4187	96	39	.	.	PUNCT
dem-4187	97	1	the	the	DET
dem-4187	97	2	expectations	expectation	NOUN
dem-4187	97	3	were	be	AUX
dem-4187	97	4	that	that	SCONJ
dem-4187	97	5	these	these	DET
dem-4187	97	6	dependencies	dependency	NOUN
dem-4187	97	7	should	should	AUX
dem-4187	97	8	be	be	AUX
dem-4187	97	9	negative	negative	ADJ
dem-4187	97	10	(	(	PUNCT
dem-4187	97	11	the	the	DET
dem-4187	97	12	higher	high	ADJ
dem-4187	97	13	liquidity	liquidity	NOUN
dem-4187	97	14	,	,	PUNCT
dem-4187	97	15	the	the	DET
dem-4187	97	16	lower	low	ADJ
dem-4187	97	17	noise	noise	NOUN
dem-4187	97	18	)	)	PUNCT
dem-4187	97	19	.	.	PUNCT
dem-4187	98	1	as	as	ADP
dem-4187	98	2	con0,0	con0,0	NOUN
dem-4187	98	3	0,2	0,2	NUM
dem-4187	98	4	0,4	0,4	NUM
dem-4187	98	5	0,6	0,6	NUM
dem-4187	98	6	0,8	0,8	NUM
dem-4187	98	7	1,0	1,0	NUM
dem-4187	98	8	1,2	1,2	NUM
dem-4187	98	9	1	1	NUM
dem-4187	98	10	61	61	NUM
dem-4187	98	11	121	121	NUM
dem-4187	98	12	181	181	NUM
dem-4187	98	13	241	241	NUM
dem-4187	98	14	301	301	NUM
dem-4187	98	15	361	361	NUM
dem-4187	98	16	421	421	NUM
dem-4187	98	17	481	481	NUM
dem-4187	98	18	541	541	NUM
dem-4187	98	19	601	601	NUM
dem-4187	98	20	małgorzata	małgorzata	NOUN
dem-4187	98	21	doman	doman	NOUN
dem-4187	98	22	12	12	NUM
dem-4187	98	23	cerns	cern	NOUN
dem-4187	98	24	the	the	DET
dem-4187	98	25	noise	noise	NOUN
dem-4187	98	26	to	to	PART
dem-4187	98	27	signal	signal	VERB
dem-4187	98	28	ratio	ratio	NOUN
dem-4187	98	29	,	,	PUNCT
dem-4187	98	30	a	a	DET
dem-4187	98	31	significant	significant	ADJ
dem-4187	98	32	negative	negative	ADJ
dem-4187	98	33	dependence	dependence	NOUN
dem-4187	98	34	on	on	ADP
dem-4187	98	35	the	the	DET
dem-4187	98	36	daily	daily	ADJ
dem-4187	98	37	number	number	NOUN
dem-4187	98	38	of	of	ADP
dem-4187	98	39	transaction	transaction	NOUN
dem-4187	98	40	is	be	AUX
dem-4187	98	41	in	in	ADP
dem-4187	98	42	agreement	agreement	NOUN
dem-4187	98	43	with	with	ADP
dem-4187	98	44	our	our	PRON
dem-4187	98	45	early	early	ADJ
dem-4187	98	46	conjecture	conjecture	NOUN
dem-4187	98	47	,	,	PUNCT
dem-4187	98	48	but	but	CCONJ
dem-4187	98	49	the	the	DET
dem-4187	98	50	results	result	NOUN
dem-4187	98	51	concerning	concern	VERB
dem-4187	98	52	the	the	DET
dem-4187	98	53	remaining	remain	VERB
dem-4187	98	54	liquidity	liquidity	NOUN
dem-4187	98	55	measures	measure	NOUN
dem-4187	98	56	are	be	AUX
dem-4187	98	57	unexpected	unexpected	ADJ
dem-4187	98	58	.	.	PUNCT
dem-4187	99	1	it	it	PRON
dem-4187	99	2	seems	seem	VERB
dem-4187	99	3	that	that	SCONJ
dem-4187	99	4	in	in	ADP
dem-4187	99	5	the	the	DET
dem-4187	99	6	case	case	NOUN
dem-4187	99	7	of	of	ADP
dem-4187	99	8	pekao	pekao	PROPN
dem-4187	99	9	s.a	s.a	PROPN
dem-4187	99	10	.	.	PUNCT
dem-4187	100	1	the	the	DET
dem-4187	100	2	measures	measure	NOUN
dem-4187	100	3	based	base	VERB
dem-4187	100	4	on	on	ADP
dem-4187	100	5	trading	trading	NOUN
dem-4187	100	6	volume	volume	NOUN
dem-4187	100	7	are	be	AUX
dem-4187	100	8	not	not	PART
dem-4187	100	9	good	good	ADJ
dem-4187	100	10	liquidity	liquidity	NOUN
dem-4187	100	11	measures	measure	NOUN
dem-4187	100	12	.	.	PUNCT
dem-4187	101	1	some	some	DET
dem-4187	101	2	explanation	explanation	NOUN
dem-4187	101	3	of	of	ADP
dem-4187	101	4	this	this	DET
dem-4187	101	5	fact	fact	NOUN
dem-4187	101	6	can	can	AUX
dem-4187	101	7	be	be	AUX
dem-4187	101	8	derived	derive	VERB
dem-4187	101	9	from	from	ADP
dem-4187	101	10	the	the	DET
dem-4187	101	11	plots	plot	NOUN
dem-4187	101	12	in	in	ADP
dem-4187	101	13	figures	figure	NOUN
dem-4187	101	14	4–5	4–5	PROPN
dem-4187	101	15	,	,	PUNCT
dem-4187	101	16	which	which	PRON
dem-4187	101	17	show	show	VERB
dem-4187	101	18	a	a	DET
dem-4187	101	19	typical	typical	ADJ
dem-4187	101	20	dynamics	dynamic	NOUN
dem-4187	101	21	of	of	ADP
dem-4187	101	22	returns	return	NOUN
dem-4187	101	23	in	in	ADP
dem-4187	101	24	days	day	NOUN
dem-4187	101	25	with	with	ADP
dem-4187	101	26	high	high	ADJ
dem-4187	101	27	and	and	CCONJ
dem-4187	101	28	low	low	ADJ
dem-4187	101	29	level	level	NOUN
dem-4187	101	30	of	of	ADP
dem-4187	101	31	the	the	DET
dem-4187	101	32	noise	noise	NOUN
dem-4187	101	33	.	.	PUNCT
dem-4187	102	1	during	during	ADP
dem-4187	102	2	the	the	DET
dem-4187	102	3	days	day	NOUN
dem-4187	102	4	with	with	ADP
dem-4187	102	5	high	high	ADJ
dem-4187	102	6	noise	noise	NOUN
dem-4187	102	7	to	to	PART
dem-4187	102	8	signal	signal	VERB
dem-4187	102	9	ratio	ratio	NOUN
dem-4187	102	10	the	the	DET
dem-4187	102	11	tick	tick	NOUN
dem-4187	102	12	-	-	PUNCT
dem-4187	102	13	bytick	bytick	NOUN
dem-4187	102	14	returns	return	NOUN
dem-4187	102	15	exhibit	exhibit	VERB
dem-4187	102	16	a	a	DET
dem-4187	102	17	very	very	ADV
dem-4187	102	18	regular	regular	ADJ
dem-4187	102	19	pattern	pattern	NOUN
dem-4187	102	20	caused	cause	VERB
dem-4187	102	21	probably	probably	ADV
dem-4187	102	22	by	by	ADP
dem-4187	102	23	market	market	NOUN
dem-4187	102	24	makers	maker	NOUN
dem-4187	102	25	activity	activity	NOUN
dem-4187	102	26	.	.	PUNCT
dem-4187	103	1	the	the	DET
dem-4187	103	2	high	high	ADJ
dem-4187	103	3	values	value	NOUN
dem-4187	103	4	of	of	ADP
dem-4187	103	5	volume	volume	NOUN
dem-4187	103	6	are	be	AUX
dem-4187	103	7	presumably	presumably	ADV
dem-4187	103	8	connected	connect	VERB
dem-4187	103	9	with	with	ADP
dem-4187	103	10	this	this	DET
dem-4187	103	11	spurious	spurious	ADJ
dem-4187	103	12	trade	trade	NOUN
dem-4187	103	13	.	.	PUNCT
dem-4187	104	1	on	on	ADP
dem-4187	104	2	the	the	DET
dem-4187	104	3	other	other	ADJ
dem-4187	104	4	hand	hand	NOUN
dem-4187	104	5	,	,	PUNCT
dem-4187	104	6	during	during	ADP
dem-4187	104	7	the	the	DET
dem-4187	104	8	days	day	NOUN
dem-4187	104	9	with	with	ADP
dem-4187	104	10	the	the	DET
dem-4187	104	11	noise	noise	NOUN
dem-4187	104	12	to	to	PART
dem-4187	104	13	signal	signal	VERB
dem-4187	104	14	ratio	ratio	NOUN
dem-4187	104	15	close	close	ADV
dem-4187	104	16	to	to	ADP
dem-4187	104	17	zero	zero	NUM
dem-4187	104	18	the	the	DET
dem-4187	104	19	dynamics	dynamic	NOUN
dem-4187	104	20	of	of	ADP
dem-4187	104	21	the	the	DET
dem-4187	104	22	returns	return	NOUN
dem-4187	104	23	is	be	AUX
dem-4187	104	24	irregular	irregular	ADJ
dem-4187	104	25	and	and	CCONJ
dem-4187	104	26	strong	strong	ADJ
dem-4187	104	27	,	,	PUNCT
dem-4187	104	28	which	which	PRON
dem-4187	104	29	is	be	AUX
dem-4187	104	30	characteristic	characteristic	ADJ
dem-4187	104	31	for	for	ADP
dem-4187	104	32	the	the	DET
dem-4187	104	33	days	day	NOUN
dem-4187	104	34	with	with	ADP
dem-4187	104	35	high	high	ADJ
dem-4187	104	36	activity	activity	NOUN
dem-4187	104	37	of	of	ADP
dem-4187	104	38	uninformed	uninformed	ADJ
dem-4187	104	39	traders	trader	NOUN
dem-4187	104	40	.	.	PUNCT
dem-4187	105	1	so	so	ADV
dem-4187	105	2	,	,	PUNCT
dem-4187	105	3	the	the	DET
dem-4187	105	4	conclusion	conclusion	NOUN
dem-4187	105	5	is	be	AUX
dem-4187	105	6	that	that	SCONJ
dem-4187	105	7	in	in	ADP
dem-4187	105	8	the	the	DET
dem-4187	105	9	case	case	NOUN
dem-4187	105	10	of	of	ADP
dem-4187	105	11	analyzed	analyze	VERB
dem-4187	105	12	equities	equity	NOUN
dem-4187	105	13	the	the	DET
dem-4187	105	14	microstructure	microstructure	ADJ
dem-4187	105	15	noise	noise	NOUN
dem-4187	105	16	is	be	AUX
dem-4187	105	17	to	to	ADP
dem-4187	105	18	a	a	DET
dem-4187	105	19	large	large	ADJ
dem-4187	105	20	extent	extent	NOUN
dem-4187	105	21	connected	connect	VERB
dem-4187	105	22	with	with	ADP
dem-4187	105	23	the	the	DET
dem-4187	105	24	market	market	NOUN
dem-4187	105	25	makers	maker	NOUN
dem-4187	105	26	activity	activity	NOUN
dem-4187	105	27	.	.	PUNCT
dem-4187	106	1	figure	figure	NOUN
dem-4187	106	2	4	4	NUM
dem-4187	106	3	.	.	PUNCT
dem-4187	107	1	tick	tick	NOUN
dem-4187	107	2	-	-	PUNCT
dem-4187	107	3	by	by	ADP
dem-4187	107	4	-	-	PUNCT
dem-4187	107	5	tick	tick	NOUN
dem-4187	107	6	returns	return	NOUN
dem-4187	107	7	with	with	ADP
dem-4187	107	8	the	the	DET
dem-4187	107	9	noise	noise	NOUN
dem-4187	107	10	to	to	PART
dem-4187	107	11	signal	signal	VERB
dem-4187	107	12	ratio	ratio	NOUN
dem-4187	107	13	equal	equal	ADJ
dem-4187	107	14	to	to	ADP
dem-4187	107	15	0.91	0.91	NUM
dem-4187	107	16	observed	observe	VERB
dem-4187	107	17	on	on	ADP
dem-4187	107	18	may	may	PROPN
dem-4187	107	19	13	13	NUM
dem-4187	107	20	,	,	PUNCT
dem-4187	107	21	2008	2008	NUM
dem-4187	107	22	figure	figure	NOUN
dem-4187	107	23	5	5	NUM
dem-4187	107	24	.	.	PUNCT
dem-4187	108	1	tick	tick	NOUN
dem-4187	108	2	-	-	PUNCT
dem-4187	108	3	by	by	ADP
dem-4187	108	4	-	-	PUNCT
dem-4187	108	5	tick	tick	NOUN
dem-4187	108	6	returns	return	NOUN
dem-4187	108	7	with	with	ADP
dem-4187	108	8	the	the	DET
dem-4187	108	9	noise	noise	NOUN
dem-4187	108	10	to	to	PART
dem-4187	108	11	signal	signal	VERB
dem-4187	108	12	ratio	ratio	NOUN
dem-4187	108	13	equal	equal	ADJ
dem-4187	108	14	to	to	ADP
dem-4187	108	15	0.03	0.03	NUM
dem-4187	108	16	observed	observe	VERB
dem-4187	108	17	on	on	ADP
dem-4187	108	18	september	september	PROPN
dem-4187	108	19	7	7	NUM
dem-4187	108	20	,	,	PUNCT
dem-4187	108	21	2006	2006	NUM
dem-4187	108	22	-0,5	-0,5	NUM
dem-4187	108	23	-0,3	-0,3	NUM
dem-4187	108	24	-0,1	-0,1	NOUN
dem-4187	109	1	0,1	0,1	NUM
dem-4187	109	2	0,3	0,3	NUM
dem-4187	109	3	0,5	0,5	NUM
dem-4187	109	4	1	1	NUM
dem-4187	109	5	41	41	NUM
dem-4187	109	6	81	81	NUM
dem-4187	109	7	121	121	NUM
dem-4187	109	8	161	161	NUM
dem-4187	109	9	201	201	NUM
dem-4187	109	10	241	241	NUM
dem-4187	109	11	281	281	NUM
dem-4187	109	12	321	321	NUM
dem-4187	109	13	361	361	NUM
dem-4187	109	14	401	401	NUM
dem-4187	109	15	441	441	NUM
dem-4187	109	16	481	481	NUM
dem-4187	109	17	521	521	NUM
dem-4187	109	18	561	561	NUM
dem-4187	109	19	-0,5	-0,5	NUM
dem-4187	109	20	-0,3	-0,3	NUM
dem-4187	109	21	-0,1	-0,1	NOUN
dem-4187	110	1	0,1	0,1	NUM
dem-4187	110	2	0,3	0,3	NUM
dem-4187	110	3	0,5	0,5	NUM
dem-4187	110	4	1	1	NUM
dem-4187	110	5	41	41	NUM
dem-4187	110	6	81	81	NUM
dem-4187	110	7	121	121	NUM
dem-4187	110	8	161	161	NUM
dem-4187	110	9	201	201	NUM
dem-4187	110	10	241	241	NUM
dem-4187	110	11	281	281	NUM
dem-4187	110	12	liquidity	liquidity	NOUN
dem-4187	110	13	and	and	CCONJ
dem-4187	110	14	market	market	NOUN
dem-4187	110	15	microstructure	microstructure	NOUN
dem-4187	110	16	noise	noise	NOUN
dem-4187	110	17	:	:	PUNCT
dem-4187	110	18	evidence	evidence	NOUN
dem-4187	110	19	from	from	ADP
dem-4187	110	20	the	the	DET
dem-4187	110	21	pekao	pekao	NOUN
dem-4187	110	22	data	datum	NOUN
dem-4187	110	23	13	13	NUM
dem-4187	110	24	5	5	NUM
dem-4187	110	25	.	.	PUNCT
dem-4187	111	1	conclusions	conclusion	NOUN
dem-4187	111	2	due	due	ADP
dem-4187	111	3	to	to	ADP
dem-4187	111	4	the	the	DET
dem-4187	111	5	availability	availability	NOUN
dem-4187	111	6	of	of	ADP
dem-4187	111	7	ultra	ultra	ADJ
dem-4187	111	8	-	-	ADJ
dem-4187	111	9	high	high	ADJ
dem-4187	111	10	frequency	frequency	NOUN
dem-4187	111	11	data	datum	NOUN
dem-4187	111	12	,	,	PUNCT
dem-4187	111	13	a	a	DET
dem-4187	111	14	continuous	continuous	ADJ
dem-4187	111	15	-	-	PUNCT
dem-4187	111	16	time	time	NOUN
dem-4187	111	17	approach	approach	NOUN
dem-4187	111	18	to	to	ADP
dem-4187	111	19	modeling	model	VERB
dem-4187	111	20	the	the	DET
dem-4187	111	21	stock	stock	NOUN
dem-4187	111	22	markets	market	NOUN
dem-4187	111	23	dynamics	dynamic	NOUN
dem-4187	111	24	is	be	AUX
dem-4187	111	25	still	still	ADV
dem-4187	111	26	becoming	become	VERB
dem-4187	111	27	more	more	ADV
dem-4187	111	28	popular	popular	ADJ
dem-4187	111	29	.	.	PUNCT
dem-4187	112	1	in	in	ADP
dem-4187	112	2	fact	fact	NOUN
dem-4187	112	3	,	,	PUNCT
dem-4187	112	4	many	many	ADJ
dem-4187	112	5	of	of	ADP
dem-4187	112	6	fruitful	fruitful	ADJ
dem-4187	112	7	research	research	NOUN
dem-4187	112	8	areas	area	NOUN
dem-4187	112	9	in	in	ADP
dem-4187	112	10	financial	financial	ADJ
dem-4187	112	11	econometrics	econometric	NOUN
dem-4187	112	12	are	be	AUX
dem-4187	112	13	based	base	VERB
dem-4187	112	14	on	on	ADP
dem-4187	112	15	this	this	DET
dem-4187	112	16	methodology	methodology	NOUN
dem-4187	112	17	and	and	CCONJ
dem-4187	112	18	use	use	VERB
dem-4187	112	19	the	the	DET
dem-4187	112	20	realized	realize	VERB
dem-4187	112	21	variance	variance	NOUN
dem-4187	112	22	as	as	ADP
dem-4187	112	23	an	an	DET
dem-4187	112	24	estimator	estimator	NOUN
dem-4187	112	25	of	of	ADP
dem-4187	112	26	true	true	ADJ
dem-4187	112	27	volatility	volatility	NOUN
dem-4187	112	28	.	.	PUNCT
dem-4187	113	1	the	the	DET
dem-4187	113	2	daily	daily	ADJ
dem-4187	113	3	realized	realize	VERB
dem-4187	113	4	variance	variance	NOUN
dem-4187	113	5	is	be	AUX
dem-4187	113	6	calculated	calculate	VERB
dem-4187	113	7	as	as	ADP
dem-4187	113	8	a	a	DET
dem-4187	113	9	sum	sum	NOUN
dem-4187	113	10	of	of	ADP
dem-4187	113	11	squared	square	VERB
dem-4187	113	12	intraday	intraday	NOUN
dem-4187	113	13	returns	return	NOUN
dem-4187	113	14	.	.	PUNCT
dem-4187	114	1	however	however	ADV
dem-4187	114	2	,	,	PUNCT
dem-4187	114	3	the	the	DET
dem-4187	114	4	estimates	estimate	NOUN
dem-4187	114	5	of	of	ADP
dem-4187	114	6	volatility	volatility	NOUN
dem-4187	114	7	obtained	obtain	VERB
dem-4187	114	8	in	in	ADP
dem-4187	114	9	such	such	DET
dem-4187	114	10	a	a	DET
dem-4187	114	11	way	way	NOUN
dem-4187	114	12	are	be	AUX
dem-4187	114	13	usually	usually	ADV
dem-4187	114	14	biased	bias	VERB
dem-4187	114	15	due	due	ADP
dem-4187	114	16	to	to	ADP
dem-4187	114	17	the	the	DET
dem-4187	114	18	presence	presence	NOUN
dem-4187	114	19	of	of	ADP
dem-4187	114	20	the	the	DET
dem-4187	114	21	market	market	NOUN
dem-4187	114	22	microstructure	microstructure	NOUN
dem-4187	114	23	noise	noise	NOUN
dem-4187	114	24	in	in	ADP
dem-4187	114	25	the	the	DET
dem-4187	114	26	observed	observe	VERB
dem-4187	114	27	data	datum	NOUN
dem-4187	114	28	.	.	PUNCT
dem-4187	115	1	the	the	DET
dem-4187	115	2	market	market	NOUN
dem-4187	115	3	microstructure	microstructure	NOUN
dem-4187	115	4	effects	effect	NOUN
dem-4187	115	5	include	include	VERB
dem-4187	115	6	all	all	DET
dem-4187	115	7	the	the	DET
dem-4187	115	8	phenomena	phenomenon	NOUN
dem-4187	115	9	connected	connect	VERB
dem-4187	115	10	with	with	ADP
dem-4187	115	11	the	the	DET
dem-4187	115	12	reality	reality	NOUN
dem-4187	115	13	of	of	ADP
dem-4187	115	14	the	the	DET
dem-4187	115	15	trade	trade	NOUN
dem-4187	115	16	that	that	PRON
dem-4187	115	17	usually	usually	ADV
dem-4187	115	18	contradict	contradict	VERB
dem-4187	115	19	the	the	DET
dem-4187	115	20	continuous	continuous	ADJ
dem-4187	115	21	-	-	PUNCT
dem-4187	115	22	time	time	NOUN
dem-4187	115	23	model	model	NOUN
dem-4187	115	24	assumptions	assumption	NOUN
dem-4187	115	25	.	.	PUNCT
dem-4187	116	1	in	in	ADP
dem-4187	116	2	the	the	DET
dem-4187	116	3	paper	paper	NOUN
dem-4187	116	4	we	we	PRON
dem-4187	116	5	considered	consider	VERB
dem-4187	116	6	the	the	DET
dem-4187	116	7	quotations	quotation	NOUN
dem-4187	116	8	of	of	ADP
dem-4187	116	9	the	the	DET
dem-4187	116	10	polish	polish	ADJ
dem-4187	116	11	stock	stock	PROPN
dem-4187	116	12	company	company	PROPN
dem-4187	116	13	pekao	pekao	PROPN
dem-4187	116	14	s.a	s.a	PROPN
dem-4187	116	15	.	.	PROPN
dem-4187	116	16	and	and	CCONJ
dem-4187	116	17	attempted	attempt	VERB
dem-4187	116	18	to	to	PART
dem-4187	116	19	separate	separate	VERB
dem-4187	116	20	the	the	DET
dem-4187	116	21	market	market	NOUN
dem-4187	116	22	microstructure	microstructure	NOUN
dem-4187	116	23	noise	noise	NOUN
dem-4187	116	24	from	from	ADP
dem-4187	116	25	the	the	DET
dem-4187	116	26	observed	observe	VERB
dem-4187	116	27	daily	daily	ADJ
dem-4187	116	28	realized	realize	VERB
dem-4187	116	29	variance	variance	NOUN
dem-4187	116	30	process	process	NOUN
dem-4187	116	31	.	.	PUNCT
dem-4187	117	1	our	our	PRON
dem-4187	117	2	main	main	ADJ
dem-4187	117	3	findings	finding	NOUN
dem-4187	117	4	are	be	AUX
dem-4187	117	5	as	as	SCONJ
dem-4187	117	6	follows	follow	VERB
dem-4187	117	7	.	.	PUNCT
dem-4187	118	1	the	the	DET
dem-4187	118	2	best	good	ADJ
dem-4187	118	3	volatility	volatility	NOUN
dem-4187	118	4	estimates	estimate	NOUN
dem-4187	118	5	are	be	AUX
dem-4187	118	6	obtained	obtain	VERB
dem-4187	118	7	for	for	ADP
dem-4187	118	8	5	5	NUM
dem-4187	118	9	-	-	PUNCT
dem-4187	118	10	minute	minute	NOUN
dem-4187	118	11	returns	return	NOUN
dem-4187	118	12	.	.	PUNCT
dem-4187	119	1	the	the	DET
dem-4187	119	2	market	market	NOUN
dem-4187	119	3	microstructure	microstructure	NOUN
dem-4187	119	4	noise	noise	NOUN
dem-4187	119	5	is	be	AUX
dem-4187	119	6	to	to	ADP
dem-4187	119	7	a	a	DET
dem-4187	119	8	large	large	ADJ
dem-4187	119	9	extent	extent	NOUN
dem-4187	119	10	connected	connect	VERB
dem-4187	119	11	with	with	ADP
dem-4187	119	12	market	market	NOUN
dem-4187	119	13	makers	maker	NOUN
dem-4187	119	14	activity	activity	NOUN
dem-4187	119	15	.	.	PUNCT
dem-4187	120	1	the	the	DET
dem-4187	120	2	analyzed	analyze	VERB
dem-4187	120	3	liquidity	liquidity	NOUN
dem-4187	120	4	measures	measure	NOUN
dem-4187	120	5	(	(	PUNCT
dem-4187	120	6	volume	volume	NOUN
dem-4187	120	7	,	,	PUNCT
dem-4187	120	8	mean	mean	VERB
dem-4187	120	9	volume	volume	NOUN
dem-4187	120	10	of	of	ADP
dem-4187	120	11	transaction	transaction	NOUN
dem-4187	120	12	,	,	PUNCT
dem-4187	120	13	number	number	NOUN
dem-4187	120	14	of	of	ADP
dem-4187	120	15	transactions	transaction	NOUN
dem-4187	120	16	during	during	ADP
dem-4187	120	17	a	a	DET
dem-4187	120	18	day	day	NOUN
dem-4187	120	19	)	)	PUNCT
dem-4187	120	20	poorly	poorly	ADV
dem-4187	120	21	explain	explain	VERB
dem-4187	120	22	the	the	DET
dem-4187	120	23	market	market	NOUN
dem-4187	120	24	microstructure	microstructure	NOUN
dem-4187	120	25	noise	noise	NOUN
dem-4187	120	26	.	.	PUNCT
dem-4187	121	1	the	the	DET
dem-4187	121	2	mean	mean	ADJ
dem-4187	121	3	level	level	NOUN
dem-4187	121	4	of	of	ADP
dem-4187	121	5	the	the	DET
dem-4187	121	6	noise	noise	NOUN
dem-4187	121	7	to	to	PART
dem-4187	121	8	signal	signal	VERB
dem-4187	121	9	ratio	ratio	NOUN
dem-4187	121	10	in	in	ADP
dem-4187	121	11	the	the	DET
dem-4187	121	12	case	case	NOUN
dem-4187	121	13	of	of	ADP
dem-4187	121	14	the	the	DET
dem-4187	121	15	pekao	pekao	NOUN
dem-4187	121	16	data	data	NOUN
dem-4187	121	17	is	be	AUX
dem-4187	121	18	comparable	comparable	ADJ
dem-4187	121	19	to	to	ADP
dem-4187	121	20	that	that	PRON
dem-4187	121	21	observed	observe	VERB
dem-4187	121	22	in	in	ADP
dem-4187	121	23	developed	develop	VERB
dem-4187	121	24	markets	market	NOUN
dem-4187	121	25	.	.	PUNCT
dem-4187	122	1	this	this	DET
dem-4187	122	2	result	result	NOUN
dem-4187	122	3	seems	seem	VERB
dem-4187	122	4	to	to	PART
dem-4187	122	5	support	support	VERB
dem-4187	122	6	the	the	DET
dem-4187	122	7	opinion	opinion	NOUN
dem-4187	122	8	about	about	ADP
dem-4187	122	9	good	good	ADJ
dem-4187	122	10	quality	quality	NOUN
dem-4187	122	11	of	of	ADP
dem-4187	122	12	market	market	NOUN
dem-4187	122	13	regulations	regulation	NOUN
dem-4187	122	14	and	and	CCONJ
dem-4187	122	15	procedures	procedure	NOUN
dem-4187	122	16	on	on	ADP
dem-4187	122	17	the	the	DET
dem-4187	122	18	warsaw	warsaw	PROPN
dem-4187	122	19	stock	stock	PROPN
dem-4187	122	20	exchange	exchange	PROPN
dem-4187	122	21	.	.	PUNCT
dem-4187	123	1	references	reference	NOUN
dem-4187	123	2	aït	aït	PROPN
dem-4187	123	3	-	-	PUNCT
dem-4187	123	4	sahalia	sahalia	PROPN
dem-4187	123	5	,	,	PUNCT
dem-4187	123	6	y.	y.	PROPN
dem-4187	123	7	,	,	PUNCT
dem-4187	123	8	yu	yu	PROPN
dem-4187	123	9	,	,	PUNCT
dem-4187	123	10	j.	j.	PROPN
dem-4187	123	11	(	(	PUNCT
dem-4187	123	12	2009	2009	NUM
dem-4187	123	13	)	)	PUNCT
dem-4187	123	14	,	,	PUNCT
dem-4187	123	15	high	high	ADJ
dem-4187	123	16	frequency	frequency	NOUN
dem-4187	123	17	market	market	NOUN
dem-4187	123	18	microstructure	microstructure	NOUN
dem-4187	123	19	noise	noise	NOUN
dem-4187	123	20	estimates	estimate	NOUN
dem-4187	123	21	and	and	CCONJ
dem-4187	123	22	liquidity	liquidity	NOUN
dem-4187	123	23	measures	measure	NOUN
dem-4187	123	24	,	,	PUNCT
dem-4187	123	25	annals	annal	NOUN
dem-4187	123	26	of	of	ADP
dem-4187	123	27	applied	applied	ADJ
dem-4187	123	28	statistics	statistic	NOUN
dem-4187	123	29	,	,	PUNCT
dem-4187	123	30	3	3	NUM
dem-4187	123	31	,	,	PUNCT
dem-4187	123	32	422–457	422–457	NUM
dem-4187	123	33	.	.	PUNCT
dem-4187	124	1	aït	aït	PROPN
dem-4187	124	2	-	-	PUNCT
dem-4187	124	3	sahalia	sahalia	PROPN
dem-4187	124	4	,	,	PUNCT
dem-4187	124	5	y.	y.	PROPN
dem-4187	124	6	,	,	PUNCT
dem-4187	124	7	mykland	mykland	NOUN
dem-4187	124	8	,	,	PUNCT
dem-4187	124	9	p.	p.	NOUN
dem-4187	124	10	a.	a.	PROPN
dem-4187	124	11	,	,	PUNCT
dem-4187	124	12	zhang	zhang	PROPN
dem-4187	124	13	,	,	PUNCT
dem-4187	124	14	l.	l.	PROPN
dem-4187	124	15	(	(	PUNCT
dem-4187	124	16	2005	2005	NUM
dem-4187	124	17	)	)	PUNCT
dem-4187	124	18	,	,	PUNCT
dem-4187	124	19	how	how	SCONJ
dem-4187	124	20	often	often	ADV
dem-4187	124	21	to	to	PART
dem-4187	124	22	sample	sample	VERB
dem-4187	124	23	a	a	DET
dem-4187	124	24	continuous	continuous	ADJ
dem-4187	124	25	-	-	PUNCT
dem-4187	124	26	time	time	NOUN
dem-4187	124	27	process	process	NOUN
dem-4187	124	28	in	in	ADP
dem-4187	124	29	the	the	DET
dem-4187	124	30	presence	presence	NOUN
dem-4187	124	31	of	of	ADP
dem-4187	124	32	market	market	NOUN
dem-4187	124	33	microstructure	microstructure	NOUN
dem-4187	124	34	noise	noise	NOUN
dem-4187	124	35	,	,	PUNCT
dem-4187	124	36	review	review	NOUN
dem-4187	124	37	of	of	ADP
dem-4187	124	38	financial	financial	ADJ
dem-4187	124	39	studies	study	NOUN
dem-4187	124	40	18(2	18(2	NUM
dem-4187	124	41	)	)	PUNCT
dem-4187	124	42	,	,	PUNCT
dem-4187	124	43	351–416	351–416	NUM
dem-4187	124	44	.	.	PUNCT
dem-4187	124	45	andersen	andersen	PROPN
dem-4187	124	46	,	,	PUNCT
dem-4187	124	47	t.	t.	PROPN
dem-4187	124	48	g.	g.	PROPN
dem-4187	124	49	,	,	PUNCT
dem-4187	124	50	bollerslev	bollerslev	NOUN
dem-4187	124	51	,	,	PUNCT
dem-4187	124	52	t.	t.	PROPN
dem-4187	124	53	(	(	PUNCT
dem-4187	124	54	1998	1998	NUM
dem-4187	124	55	)	)	PUNCT
dem-4187	124	56	,	,	PUNCT
dem-4187	124	57	answering	answer	VERB
dem-4187	124	58	the	the	DET
dem-4187	124	59	skeptics	skeptic	NOUN
dem-4187	124	60	:	:	PUNCT
dem-4187	124	61	yes	yes	INTJ
dem-4187	124	62	,	,	PUNCT
dem-4187	124	63	standard	standard	ADJ
dem-4187	124	64	volatility	volatility	NOUN
dem-4187	124	65	models	model	NOUN
dem-4187	124	66	do	do	AUX
dem-4187	124	67	provide	provide	VERB
dem-4187	124	68	accurate	accurate	ADJ
dem-4187	124	69	forecasts	forecast	NOUN
dem-4187	124	70	,	,	PUNCT
dem-4187	124	71	international	international	ADJ
dem-4187	124	72	economic	economic	ADJ
dem-4187	124	73	review	review	NOUN
dem-4187	124	74	,	,	PUNCT
dem-4187	124	75	39	39	NUM
dem-4187	124	76	,	,	PUNCT
dem-4187	124	77	885–905	885–905	NUM
dem-4187	124	78	.	.	PUNCT
dem-4187	125	1	andersen	andersen	PROPN
dem-4187	125	2	,	,	PUNCT
dem-4187	125	3	t.	t.	PROPN
dem-4187	125	4	g.	g.	PROPN
dem-4187	125	5	,	,	PUNCT
dem-4187	125	6	bollerslev	bollerslev	NOUN
dem-4187	125	7	,	,	PUNCT
dem-4187	125	8	t.	t.	PROPN
dem-4187	125	9	,	,	PUNCT
dem-4187	125	10	diebold	diebold	NOUN
dem-4187	125	11	,	,	PUNCT
dem-4187	125	12	f.	f.	PROPN
dem-4187	125	13	x.	x.	PROPN
dem-4187	125	14	,	,	PUNCT
dem-4187	125	15	ebens	eben	NOUN
dem-4187	125	16	,	,	PUNCT
dem-4187	125	17	h.	h.	PROPN
dem-4187	125	18	(	(	PUNCT
dem-4187	125	19	2001	2001	NUM
dem-4187	125	20	)	)	PUNCT
dem-4187	125	21	,	,	PUNCT
dem-4187	125	22	the	the	DET
dem-4187	125	23	distribution	distribution	NOUN
dem-4187	125	24	of	of	ADP
dem-4187	125	25	realized	realize	VERB
dem-4187	125	26	stock	stock	NOUN
dem-4187	125	27	return	return	NOUN
dem-4187	125	28	volatility	volatility	NOUN
dem-4187	125	29	,	,	PUNCT
dem-4187	125	30	journal	journal	NOUN
dem-4187	125	31	of	of	ADP
dem-4187	125	32	financial	financial	ADJ
dem-4187	125	33	economics	economic	NOUN
dem-4187	125	34	,	,	PUNCT
dem-4187	125	35	61	61	NUM
dem-4187	125	36	,	,	PUNCT
dem-4187	125	37	43–76	43–76	NUM
dem-4187	125	38	.	.	PUNCT
dem-4187	126	1	barndorff	barndorff	NOUN
dem-4187	126	2	-	-	PUNCT
dem-4187	126	3	nielsen	nielsen	PROPN
dem-4187	126	4	,	,	PUNCT
dem-4187	126	5	o.	o.	PROPN
dem-4187	126	6	e.	e.	PROPN
dem-4187	126	7	,	,	PUNCT
dem-4187	126	8	shephard	shephard	PROPN
dem-4187	126	9	,	,	PUNCT
dem-4187	126	10	n.	n.	PROPN
dem-4187	126	11	(	(	PUNCT
dem-4187	126	12	2002	2002	NUM
dem-4187	126	13	)	)	PUNCT
dem-4187	126	14	,	,	PUNCT
dem-4187	126	15	econometric	econometric	VERB
dem-4187	126	16	analysis	analysis	NOUN
dem-4187	126	17	of	of	ADP
dem-4187	126	18	realised	realise	VERB
dem-4187	126	19	volatility	volatility	NOUN
dem-4187	126	20	and	and	CCONJ
dem-4187	126	21	its	its	PRON
dem-4187	126	22	use	use	NOUN
dem-4187	126	23	in	in	ADP
dem-4187	126	24	estimating	estimate	VERB
dem-4187	126	25	stochastic	stochastic	ADJ
dem-4187	126	26	volatility	volatility	NOUN
dem-4187	126	27	models	model	NOUN
dem-4187	126	28	,	,	PUNCT
dem-4187	126	29	journal	journal	NOUN
dem-4187	126	30	of	of	ADP
dem-4187	126	31	the	the	DET
dem-4187	126	32	royal	royal	ADJ
dem-4187	126	33	statistical	statistical	ADJ
dem-4187	126	34	society	society	NOUN
dem-4187	126	35	,	,	PUNCT
dem-4187	126	36	64	64	NUM
dem-4187	126	37	,	,	PUNCT
dem-4187	126	38	series	series	NOUN
dem-4187	126	39	b	b	PROPN
dem-4187	126	40	,	,	PUNCT
dem-4187	126	41	253–280	253–280	NUM
dem-4187	126	42	.	.	PUNCT
dem-4187	127	1	chan	chan	PROPN
dem-4187	127	2	,	,	PUNCT
dem-4187	127	3	l.	l.	PROPN
dem-4187	127	4	,	,	PUNCT
dem-4187	127	5	lakonishok	lakonishok	PROPN
dem-4187	127	6	,	,	PUNCT
dem-4187	127	7	j.	j.	PROPN
dem-4187	127	8	(	(	PUNCT
dem-4187	127	9	1997	1997	NUM
dem-4187	127	10	)	)	PUNCT
dem-4187	127	11	,	,	PUNCT
dem-4187	127	12	institutional	institutional	ADJ
dem-4187	127	13	equity	equity	NOUN
dem-4187	127	14	trading	trading	NOUN
dem-4187	127	15	costs	cost	NOUN
dem-4187	127	16	:	:	PUNCT
dem-4187	127	17	nyse	nyse	PROPN
dem-4187	127	18	versus	versus	ADP
dem-4187	127	19	nasdaq	nasdaq	PROPN
dem-4187	127	20	,	,	PUNCT
dem-4187	127	21	journal	journal	NOUN
dem-4187	127	22	of	of	ADP
dem-4187	127	23	finance	finance	NOUN
dem-4187	127	24	,	,	PUNCT
dem-4187	127	25	52	52	NUM
dem-4187	127	26	,	,	PUNCT
dem-4187	127	27	713–735	713–735	NUM
dem-4187	127	28	.	.	X
dem-4187	127	29	gottlieb	gottlieb	PROPN
dem-4187	127	30	,	,	PUNCT
dem-4187	127	31	g.	g.	PROPN
dem-4187	127	32	,	,	PUNCT
dem-4187	127	33	kalay	kalay	VERB
dem-4187	127	34	,	,	PUNCT
dem-4187	127	35	a.	a.	NOUN
dem-4187	127	36	(	(	PUNCT
dem-4187	127	37	1985	1985	NUM
dem-4187	127	38	)	)	PUNCT
dem-4187	127	39	,	,	PUNCT
dem-4187	127	40	implications	implication	NOUN
dem-4187	127	41	of	of	ADP
dem-4187	127	42	the	the	DET
dem-4187	127	43	discreteness	discreteness	NOUN
dem-4187	127	44	of	of	ADP
dem-4187	127	45	observed	observe	VERB
dem-4187	127	46	stock	stock	NOUN
dem-4187	127	47	prices	price	NOUN
dem-4187	127	48	,	,	PUNCT
dem-4187	127	49	journal	journal	NOUN
dem-4187	127	50	of	of	ADP
dem-4187	127	51	finance	finance	NOUN
dem-4187	127	52	,	,	PUNCT
dem-4187	127	53	40	40	NUM
dem-4187	127	54	,	,	PUNCT
dem-4187	127	55	135–153	135–153	NUM
dem-4187	127	56	.	.	PUNCT
dem-4187	128	1	hasbrouck	hasbrouck	PROPN
dem-4187	128	2	,	,	PUNCT
dem-4187	128	3	j.	j.	PROPN
dem-4187	128	4	(	(	PUNCT
dem-4187	128	5	1993	1993	NUM
dem-4187	128	6	)	)	PUNCT
dem-4187	128	7	,	,	PUNCT
dem-4187	128	8	assessing	assess	VERB
dem-4187	128	9	the	the	DET
dem-4187	128	10	quality	quality	NOUN
dem-4187	128	11	of	of	ADP
dem-4187	128	12	a	a	DET
dem-4187	128	13	security	security	NOUN
dem-4187	128	14	market	market	NOUN
dem-4187	128	15	:	:	PUNCT
dem-4187	128	16	a	a	DET
dem-4187	128	17	new	new	ADJ
dem-4187	128	18	approach	approach	NOUN
dem-4187	128	19	to	to	ADP
dem-4187	128	20	transaction	transaction	NOUN
dem-4187	128	21	cost	cost	NOUN
dem-4187	128	22	measurement	measurement	NOUN
dem-4187	128	23	,	,	PUNCT
dem-4187	128	24	review	review	NOUN
dem-4187	128	25	of	of	ADP
dem-4187	128	26	financial	financial	ADJ
dem-4187	128	27	studies	study	NOUN
dem-4187	128	28	,	,	PUNCT
dem-4187	128	29	6	6	NUM
dem-4187	128	30	,	,	PUNCT
dem-4187	128	31	191–212	191–212	NUM
dem-4187	128	32	.	.	PUNCT
dem-4187	129	1	huang	huang	PROPN
dem-4187	129	2	,	,	PUNCT
dem-4187	129	3	r.	r.	PROPN
dem-4187	129	4	,	,	PUNCT
dem-4187	129	5	stoll	stoll	PROPN
dem-4187	129	6	,	,	PUNCT
dem-4187	129	7	h.	h.	PROPN
dem-4187	129	8	(	(	PUNCT
dem-4187	129	9	1996	1996	NUM
dem-4187	129	10	)	)	PUNCT
dem-4187	129	11	,	,	PUNCT
dem-4187	129	12	dealer	dealer	NOUN
dem-4187	129	13	versus	versus	ADP
dem-4187	129	14	auction	auction	NOUN
dem-4187	129	15	markets	market	NOUN
dem-4187	129	16	:	:	PUNCT
dem-4187	129	17	a	a	DET
dem-4187	129	18	paired	pair	VERB
dem-4187	129	19	comparison	comparison	NOUN
dem-4187	129	20	of	of	ADP
dem-4187	129	21	execution	execution	NOUN
dem-4187	129	22	costs	cost	NOUN
dem-4187	129	23	on	on	ADP
dem-4187	129	24	nasdaq	nasdaq	PROPN
dem-4187	129	25	and	and	CCONJ
dem-4187	129	26	the	the	DET
dem-4187	129	27	nyse	nyse	PROPN
dem-4187	129	28	,	,	PUNCT
dem-4187	129	29	journal	journal	NOUN
dem-4187	129	30	of	of	ADP
dem-4187	129	31	financial	financial	ADJ
dem-4187	129	32	economics,41	economics,41	PROPN
dem-4187	129	33	(	(	PUNCT
dem-4187	129	34	3	3	NUM
dem-4187	129	35	)	)	PUNCT
dem-4187	129	36	,	,	PUNCT
dem-4187	129	37	313–357	313–357	NUM
dem-4187	129	38	.	.	PUNCT
dem-4187	129	39	manganelli	manganelli	PROPN
dem-4187	129	40	,	,	PUNCT
dem-4187	129	41	s.	s.	PROPN
dem-4187	129	42	(	(	PUNCT
dem-4187	129	43	2005	2005	NUM
dem-4187	129	44	)	)	PUNCT
dem-4187	129	45	,	,	PUNCT
dem-4187	129	46	duration	duration	NOUN
dem-4187	129	47	,	,	PUNCT
dem-4187	129	48	volume	volume	NOUN
dem-4187	129	49	and	and	CCONJ
dem-4187	129	50	volatility	volatility	NOUN
dem-4187	129	51	impact	impact	NOUN
dem-4187	129	52	of	of	ADP
dem-4187	129	53	trades	trade	NOUN
dem-4187	129	54	,	,	PUNCT
dem-4187	129	55	journal	journal	NOUN
dem-4187	129	56	of	of	ADP
dem-4187	129	57	financial	financial	ADJ
dem-4187	129	58	markets	market	NOUN
dem-4187	129	59	,	,	PUNCT
dem-4187	129	60	8	8	NUM
dem-4187	129	61	,	,	PUNCT
dem-4187	129	62	377–399	377–399	NUM
dem-4187	129	63	.	.	PUNCT
dem-4187	130	1	małgorzata	małgorzata	NOUN
dem-4187	130	2	doman	doman	NOUN
dem-4187	130	3	14	14	NUM
dem-4187	130	4	roll	roll	NOUN
dem-4187	130	5	,	,	PUNCT
dem-4187	130	6	r.	r.	PROPN
dem-4187	130	7	(	(	PUNCT
dem-4187	130	8	1984	1984	NUM
dem-4187	130	9	)	)	PUNCT
dem-4187	130	10	,	,	PUNCT
dem-4187	130	11	a	a	DET
dem-4187	130	12	simple	simple	ADJ
dem-4187	130	13	model	model	NOUN
dem-4187	130	14	of	of	ADP
dem-4187	130	15	the	the	DET
dem-4187	130	16	implicit	implicit	ADJ
dem-4187	130	17	bid	bid	NOUN
dem-4187	130	18	–	–	PUNCT
dem-4187	130	19	ask	ask	NOUN
dem-4187	130	20	spread	spread	NOUN
dem-4187	130	21	in	in	ADP
dem-4187	130	22	an	an	DET
dem-4187	130	23	efficient	efficient	ADJ
dem-4187	130	24	market	market	NOUN
dem-4187	130	25	,	,	PUNCT
dem-4187	130	26	journal	journal	NOUN
dem-4187	130	27	of	of	ADP
dem-4187	130	28	finance	finance	NOUN
dem-4187	130	29	,	,	PUNCT
dem-4187	130	30	39	39	NUM
dem-4187	130	31	,	,	PUNCT
dem-4187	130	32	1127–1139	1127–1139	NUM
dem-4187	130	33	.	.	PUNCT
dem-4187	131	1	tsay	tsay	PROPN
dem-4187	131	2	,	,	PUNCT
dem-4187	131	3	r.	r.	PROPN
dem-4187	131	4	s.	s.	PROPN
dem-4187	131	5	(	(	PUNCT
dem-4187	131	6	2002	2002	NUM
dem-4187	131	7	)	)	PUNCT
dem-4187	131	8	,	,	PUNCT
dem-4187	131	9	analysis	analysis	NOUN
dem-4187	131	10	of	of	ADP
dem-4187	131	11	financial	financial	ADJ
dem-4187	131	12	time	time	NOUN
dem-4187	131	13	series	series	PROPN
dem-4187	131	14	,	,	PUNCT
dem-4187	131	15	wiley	wiley	PROPN
dem-4187	131	16	series	series	PROPN
dem-4187	131	17	in	in	ADP
dem-4187	131	18	probability	probability	NOUN
dem-4187	131	19	and	and	CCONJ
dem-4187	131	20	statistics	statistic	NOUN
dem-4187	131	21	,	,	PUNCT
dem-4187	131	22	john	john	PROPN
dem-4187	131	23	wiley	wiley	PROPN
dem-4187	131	24	&	&	CCONJ
dem-4187	131	25	sons	son	NOUN
dem-4187	131	26	,	,	PUNCT
dem-4187	131	27	new	new	PROPN
dem-4187	131	28	york	york	PROPN
dem-4187	131	29	.	.	PUNCT
dem-4187	132	1	płynność	płynność	VERB
dem-4187	132	2	a	a	DET
dem-4187	132	3	szum	szum	ADJ
dem-4187	132	4	mikrostruktury	mikrostruktury	NOUN
dem-4187	132	5	rynku	rynku	ADJ
dem-4187	132	6	na	na	PART
dem-4187	132	7	przykładzie	przykładzie	VERB
dem-4187	132	8	notowań	notowań	ADJ
dem-4187	132	9	spółki	spółki	NOUN
dem-4187	132	10	pekao	pekao	PROPN
dem-4187	132	11	z	z	PROPN
dem-4187	132	12	a	a	DET
dem-4187	132	13	r	r	NOUN
dem-4187	133	1	y	y	PROPN
dem-4187	133	2	s	s	PROPN
dem-4187	133	3	t	t	NOUN
dem-4187	133	4	r	r	NOUN
dem-4187	133	5	e	e	PROPN
dem-4187	133	6	ś	ś	PROPN
dem-4187	133	7	c	c	PROPN
dem-4187	133	8	i.	i.	NOUN
dem-4187	133	9	dostępność	dostępność	PROPN
dem-4187	133	10	danych	danych	NOUN
dem-4187	133	11	giełdowych	giełdowych	PROPN
dem-4187	133	12	o	o	PROPN
dem-4187	133	13	bardzo	bardzo	X
dem-4187	133	14	wysokiej	wysokiej	PROPN
dem-4187	133	15	częstotliwości	częstotliwości	PROPN
dem-4187	133	16	stanowi	stanowi	PROPN
dem-4187	133	17	argument	argument	NOUN
dem-4187	133	18	za	za	PROPN
dem-4187	133	19	stosowaniem	stosowaniem	PROPN
dem-4187	133	20	do	do	AUX
dem-4187	133	21	opisu	opisu	ADV
dem-4187	133	22	dynamiki	dynamiki	PROPN
dem-4187	133	23	cen	cen	PROPN
dem-4187	133	24	akcji	akcji	ADJ
dem-4187	133	25	modeli	modeli	PROPN
dem-4187	133	26	z	z	PROPN
dem-4187	133	27	czasem	czasem	PROPN
dem-4187	133	28	ciągłym	ciągłym	NOUN
dem-4187	133	29	.	.	PUNCT
dem-4187	134	1	jednak	jednak	PROPN
dem-4187	134	2	dane	dane	PROPN
dem-4187	134	3	takie	takie	PROPN
dem-4187	134	4	zawierają	zawierają	PROPN
dem-4187	134	5	oprócz	oprócz	PROPN
dem-4187	134	6	informacji	informacji	PROPN
dem-4187	134	7	na	na	PROPN
dem-4187	134	8	temat	temat	PROPN
dem-4187	134	9	procesu	procesu	PROPN
dem-4187	134	10	ceny	ceny	PROPN
dem-4187	134	11	także	także	PROPN
dem-4187	134	12	szum	szum	ADJ
dem-4187	134	13	mikrostruktury	mikrostruktury	NOUN
dem-4187	134	14	rynku	rynku	ADJ
dem-4187	134	15	,	,	PUNCT
dem-4187	134	16	którego	którego	ADJ
dem-4187	134	17	obecność	obecność	NOUN
dem-4187	134	18	powoduje	powoduje	NOUN
dem-4187	134	19	obciążenie	obciążenie	NOUN
dem-4187	134	20	oszacowań	oszacowań	PROPN
dem-4187	134	21	zmienności	zmienności	PROPN
dem-4187	134	22	.	.	PUNCT
dem-4187	135	1	szum	szum	ADJ
dem-4187	135	2	ten	ten	NUM
dem-4187	135	3	jest	jest	NOUN
dem-4187	135	4	związany	związany	PROPN
dem-4187	135	5	z	z	PROPN
dem-4187	135	6	rzeczywistymi	rzeczywistymi	VERB
dem-4187	135	7	warunkami	warunkami	NOUN
dem-4187	135	8	,	,	PUNCT
dem-4187	135	9	w	w	PROPN
dem-4187	135	10	jakich	jakich	PROPN
dem-4187	135	11	odbywa	odbywa	PROPN
dem-4187	135	12	się	się	PROPN
dem-4187	135	13	handel	handel	PROPN
dem-4187	135	14	.	.	PUNCT
dem-4187	136	1	w	w	PROPN
dem-4187	136	2	pracy	pracy	PROPN
dem-4187	136	3	dokonano	dokonano	PROPN
dem-4187	136	4	oszacowania	oszacowania	PROPN
dem-4187	136	5	szumu	szumu	PROPN
dem-4187	136	6	mikrostruktury	mikrostruktury	PROPN
dem-4187	136	7	rynku	rynku	PROPN
dem-4187	136	8	w	w	PROPN
dem-4187	136	9	zmienności	zmienności	PROPN
dem-4187	136	10	zrealizowanej	zrealizowanej	PROPN
dem-4187	136	11	cen	cen	PROPN
dem-4187	136	12	akcji	akcji	PROPN
dem-4187	136	13	spółki	spółki	PROPN
dem-4187	136	14	pekao	pekao	PROPN
dem-4187	136	15	sa	sa	PROPN
dem-4187	136	16	oraz	oraz	PROPN
dem-4187	136	17	wyliczono	wyliczono	PROPN
dem-4187	136	18	stosunek	stosunek	PROPN
dem-4187	136	19	sygnału	sygnału	PROPN
dem-4187	136	20	do	do	AUX
dem-4187	136	21	szumu	szumu	NOUN
dem-4187	136	22	.	.	PUNCT
dem-4187	137	1	wyniki	wyniki	PROPN
dem-4187	137	2	badań	badań	PROPN
dem-4187	137	3	wskazują	wskazują	PROPN
dem-4187	137	4	,	,	PUNCT
dem-4187	137	5	że	że	PROPN
dem-4187	137	6	optymalna	optymalna	PROPN
dem-4187	137	7	częstotliwość	częstotliwość	NOUN
dem-4187	137	8	wyliczania	wyliczania	PROPN
dem-4187	137	9	stóp	stóp	PROPN
dem-4187	137	10	zwrotu	zwrotu	PROPN
dem-4187	137	11	przy	przy	PROPN
dem-4187	137	12	wyznaczaniu	wyznaczaniu	VERB
dem-4187	137	13	zmienności	zmienności	PROPN
dem-4187	137	14	zrealizowanej	zrealizowanej	PROPN
dem-4187	137	15	to	to	ADP
dem-4187	137	16	częstotliwość	częstotliwość	NOUN
dem-4187	137	17	pięciominutowa	pięciominutowa	NOUN
dem-4187	137	18	,	,	PUNCT
dem-4187	137	19	a	a	DET
dem-4187	137	20	obserwowany	obserwowany	NOUN
dem-4187	137	21	stosunek	stosunek	NOUN
dem-4187	137	22	sygnału	sygnału	NOUN
dem-4187	137	23	do	do	AUX
dem-4187	137	24	szumu	szumu	NOUN
dem-4187	137	25	jest	jest	NOUN
dem-4187	137	26	na	na	ADP
dem-4187	137	27	poziomie	poziomie	NOUN
dem-4187	137	28	zbliżonym	zbliżonym	NOUN
dem-4187	137	29	do	do	AUX
dem-4187	137	30	obserwowanego	obserwowanego	NOUN
dem-4187	137	31	na	na	PART
dem-4187	137	32	rozwiniętych	rozwiniętych	VERB
dem-4187	137	33	rynkach	rynkach	NOUN
dem-4187	137	34	giełdowych	giełdowych	PROPN
dem-4187	137	35	.	.	PUNCT
dem-4187	138	1	ponadto	ponadto	PROPN
dem-4187	138	2	,	,	PUNCT
dem-4187	138	3	przeprowadzona	przeprowadzona	PROPN
dem-4187	138	4	została	została	PROPN
dem-4187	138	5	analiza	analiza	PROPN
dem-4187	138	6	powiązań	powiązań	NOUN
dem-4187	138	7	pomiędzy	pomiędzy	NOUN
dem-4187	138	8	wybranymi	wybranymi	VERB
dem-4187	138	9	miarami	miarami	ADJ
dem-4187	138	10	płynności	płynności	NOUN
dem-4187	138	11	a	a	DET
dem-4187	138	12	poziomem	poziomem	ADJ
dem-4187	138	13	szumu	szumu	PROPN
dem-4187	138	14	mikrostruktury	mikrostruktury	PROPN
dem-4187	138	15	rynku	rynku	ADJ
dem-4187	138	16	.	.	PUNCT
dem-4187	139	1	s	s	PART
dem-4187	139	2	ł	ł	PROPN
dem-4187	139	3	o	o	X
dem-4187	139	4	w	w	NOUN
dem-4187	139	5	a	a	DET
dem-4187	139	6	k	k	X
dem-4187	139	7	l	l	NOUN
dem-4187	139	8	u	u	NOUN
dem-4187	140	1	c	c	NOUN
dem-4187	140	2	z	z	NOUN
dem-4187	140	3	o	o	X
dem-4187	140	4	w	w	PROPN
dem-4187	141	1	e	e	NOUN
dem-4187	141	2	:	:	PUNCT
dem-4187	141	3	mikrostruktura	mikrostruktura	NOUN
dem-4187	141	4	rynku	rynku	ADJ
dem-4187	141	5	,	,	PUNCT
dem-4187	141	6	zmienność	zmienność	NOUN
dem-4187	141	7	,	,	PUNCT
dem-4187	141	8	wariancja	wariancja	PROPN
dem-4187	141	9	zrealizowana	zrealizowana	PROPN
dem-4187	141	10	,	,	PUNCT
dem-4187	141	11	płynność	płynność	NOUN
dem-4187	141	12	,	,	PUNCT
dem-4187	141	13	rynek	rynek	NOUN
dem-4187	141	14	giełdowy	giełdowy	NOUN
dem-4187	141	15	,	,	PUNCT
dem-4187	141	16	wolumen	woluman	NOUN
dem-4187	141	17	obrotu	obrotu	PROPN
dem-4187	141	18	,	,	PUNCT
dem-4187	141	19	dane	dane	PROPN
dem-4187	141	20	wysokiej	wysokiej	PROPN
dem-4187	141	21	częstotliwości	częstotliwości	PROPN
dem-4187	141	22	.	.	PUNCT